The 3 Determining Factors in Getting an Auto Loan

Are you considering getting a car loan? In the world of car buying, one of the most critical steps is securing financing. Whether you're eyeing a brand-new Ford or considering a reliable used vehicle, understanding the key factors that influence your auto loan approval can make all the difference. At Schicker Ford of St. Louis, we're not just about selling cars; we're about helping you navigate the financing process with confidence. Regardless of your credit history, we're here to assist you every step of the way.

Here are the three main determining factors that can impact your auto loan approval:

• Credit Score and History - Your credit score plays a significant role in determining your eligibility for an auto loan. Lenders use this score, which is based on your credit history, to assess your ability to repay the loan. A higher credit score typically means lower interest rates and better loan terms, while a lower score might result in higher interest rates or require a larger down payment. However, at Schicker Ford of St. Louis, we work with customers of all credit types. Whether you have excellent credit, poor credit, or no credit history at all, our financing experts will explore options tailored to your situation.


• Income and Employment Stability - Lenders want to ensure that you have a steady source of income to make timely payments on your auto loan. Your income level, along with your employment history and stability, will be evaluated during the loan approval process. Demonstrating a consistent income and employment record can improve your chances of securing favorable loan terms. Our dealership understands that life circumstances can vary, and we're committed to helping you find a financing solution that fits your budget and lifestyle.


• Down Payment and Loan Term - The amount of money you can put down upfront and the length of the loan term are also crucial factors in securing an auto loan. A larger down payment can lower your monthly payments and reduce the total amount of interest paid over the life of the loan. Additionally, choosing a shorter loan term typically results in higher monthly payments but may save you money on interest in the long run. Our finance team at Schicker Ford of St. Louis will work with you to determine the optimal down payment and loan term based on your financial goals and preferences.

At Schicker Ford of St. Louis, we pride ourselves on providing exceptional customer service and personalized financing solutions. Whether you're in the market for a new Ford vehicle or a quality pre-owned car, our dealership is dedicated to helping you find the right vehicle at the right price. And with our commitment to working with all credit types, we strive to make the car-buying process accessible to everyone.

Don't let financing obstacles stand in the way of your dream car. Visit Schicker Ford of St. Louis today, and let us help you drive away in the vehicle you deserve.