If you’re looking for a used van, you may wonder how to finance it. Here are a few things to keep in mind to help you get approved.
Why Used Van Financing Can Be Difficult
Used van financing can be complicated for several reasons. For instance, sometimes a used van is more expensive than a new one, especially a modified van. You’ll likely need a decent down payment in such a case.
Also, used vans often have high mileage, making them less desirable to lenders. Finally, used vans usually won’t come with warranties. So always carefully check used vans and trucks before purchasing.
What You Need to Know About Applying
Before you ever fill out a loan application, you should get things in order. You’ll need to document your employment history, income, and debts. The lender will also pull your credit history and examine your financial situation.
It’s a good idea to check your credit score beforehand. Then, you’ll know where you stand in the eyes of the lender. A score of 700 or above should bring a lower interest rate, while a score of 650 or below is less favorable.
Check to ensure there are no mistakes in your credit history that might unfairly lower your score. If you find any, take steps to get them corrected.
Once you’ve turned in your application, the lender will review it and decide whether or not to approve your loan.
Tips for Increasing Your Chances of Approval
Here are some things you can do to increase your chances of getting approved. First, do all you can to keep your credit score high.
If your score is in the lower range, see if you can get a co-signer with good credit. Just make sure that person understands this responsibility. They will be responsible if you cannot make the payments.
Finally, be prepared to make a sizeable down payment. The more money you can put towards the van, the more likely lenders will be to approve your loan.
The Best Way to Finance Your Used Van
Finding the best interest rate can be a bit of a hassle. These rates can vary widely among companies, and overpaying means more money out of your pocket every month.
The best way to get financing on a used van is to get the help of the experts at Consumer Auto of Canada. We work with a huge network of dealers and lenders across Canada and will shop around for you.
We’ll do our best to find the lowest rate available and help you qualify. Your first step is simply to fill out our application by clicking the button below.
A financial advisor will call you in a few days to let you know what we’ve found for you. What could be easier? It’s the best way to ensure your getting the best deal on financing your next van.