​
In order to get the best rates and terms for a new auto loan, you want to present yourself as a Hyundai well-qualified buyer. You need to show that you are someone who borrows money responsibly. Heritage Hyundai Towson is outlining what makes someone a well-qualified buyer.
High Credit Score
Your credit score is arguably one of the biggest factors when you apply for an auto loan. There isn’t a set score that you need, however, because every lender has their own requirements. Typically, to be considered a well-qualified buyer, you’ll want a credit score of 720 or higher.
Positive Credit History
A high credit score is usually earned with a good credit history. Oftentimes, lenders will also consider your credit history when you apply for loan. They are looking for on-time payments, low account balances, and few or no derogatory marks on your credit report.
Low Debt-to-Income Ratio
It’s also important to show that you aren’t stretching yourself too thin with a new car. A low debt-to-income ratio shows that you can take on an auto loan without overextending yourself. Generally, a buyer with a debt-to-income ratio under 36 percent is considered ideal.
Consistent Work History
Even if you are a well-qualified buyer now, things can change. That’s why you want to prove that you're someone that will continue to be able to pay your loan. Lenders are more likely to offer a loan to buyers with stable employment and consistent work history.
Find Out If You’re a Hyundai Well-Qualified Buyer in Towson, MD
A well-qualified buyer typically gets more loan offers and is more likely to get great rates. We have a streamlined Hyundai financing process at Heritage Hyundai Towson and can help you get approved in no time. Stop in to get started today!
Categories:
Finance
