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With auto loan pre-approval, you can visit Fields BMW Orlando and Winter Park with confidence. Our quick and easy online application gives you a sense of what BMW finance offers you can expect, making car buying even easier. Let’s take a closer look.
Pre-Approval vs. Pre-Qualification
While these two terms may seem synonymous, getting pre-approved is not the same thing as getting pre-qualified. When you are pre-qualified for a loan, the financier only makes a soft credit check, which means that any offers may not match what you will receive when you submit a normal application. Pre-approval includes a hard credit check, so while it will temporarily lower your score, it will give you a more accurate picture of what to expect.
Check Your Credit
It’s a good idea to check your credit yourself before you apply, especially if you haven’t used up your annual free credit history reports. You may find inaccurate or out-of-date information that you can contest. If you have made any large debt payments recently that haven’t appeared on your report yet, you can bring documentation of your improved situation with you when you apply for financing.
Improving Your Credit
If your pre-approval offer wasn’t enough to cover the car you want, you’ll need to improve your credit. In the long term, you will need to reduce your debt-to-income ratio and keep up with on-time payments, but the easiest short-term solution is adding a co-signer. However, since co-signing can affect both parties’ credit, make sure your co-signer understands the potential downsides.
Apply for BMW Financing in Orlando and Winter Park, FL
Applying for pre-approval is quick, easy, and offers a clear picture of what kind of financing offer to expect. Visit us at Fields BMW Orlando and Winter Park and take a new car for a test drive, then talk to our team about BMW financing today!