Applying for a new car loan can seem daunting, but our Land Rover finance experts here at Land Rover Northfield want to make the process as simple and stress-free as possible. We'll answer any questions that you have, including the questions you have about your credit and how much it matters.
Land Rover Financing Basics
First, let's take a look at the Land Rover financing process. When you find a vehicle that you like, like a 2020 Range Rover Sport for example, you can begin the financing process right on our website. We just need some personal and financial information from you to get started.
Once you give us your information, you can secure a down payment (usually for around 20 percent of the vehicle's total cost) and finance the rest. We will then work with our lenders to help you find a loan that works well for you and your budget.
You'll have a certain amount of time to pay back your loan (usually around five years or so), and once you pay off that loan, the vehicle is all yours. You only have to worry about maintenance, insurance, and fueling costs going forward.
Does Credit Matter?
Does your credit matter when applying for a Land Rover car loan? In some ways, yes. We work with a wide range of lenders so that we can help all kinds of drivers secure financing. However, while your credit score may not prevent you from getting a loan, it could affect the terms of it.
The most obvious way this manifests is in your APR, or interest rate. If you have good credit, then you will be able to secure a sufficient APR. It's also possible that you may not be able to qualify for certain financing offers if your credit history isn't the best.
That being said, you can do some things to reduce the amount of interest paid. Placing a larger down payment means taking out a smaller loan and paying less interest. You can also opt for a shorter loan term, which means higher monthly payments but less interest paid out over time.
Visit our Land Rover dealership near Highland Park today to see how we can help you with all of your financing needs!