When it comes to Volkswagen financing, Kerry Volkswagen has your back. We’re dedicated to matching drivers with the right vehicle at the right price, and we’re sharing everything you need to know about financing, credit scores, and refinancing. Visit our dealership to learn more with help from our expert team.
Vehicle Financing and Your Credit Score
Your credit score is one of the most important factors to consider when it comes to the vehicle financing process. It tells lenders how reliable you are to lend money to, which is why drivers with higher credit scores have access to more favorable terms and conditions, such as lower interest rates and longer term lengths. That said, submitting a financing application does require a hard pull on your credit score, which can cause it to drop.
Credit Scores and Refinancing
The refinancing process is a practice where drivers submit applications for new loans with more favorable conditions. Typically, this is because their personal financial circumstances have changed, such as their credit score improving or the market changing, meaning interest rates have dropped. Drivers may also refinance if they need to adjust their cosigner conditions.
You refinance a vehicle by submitting an application with a new lender. If approved, that lender will buy up your old loan and you’ll make all future payments to the new lender. Because this does require a traditional finance application, you will see a hard pull on your credit, which can affect your score. However, once you start making regular payments on the new loan, your credit score will climb back up.
Begin the Volkswagen Refinancing Process in Florence, KY
No matter what your vehicle financing or refinancing needs might be, you’ll find the expert team you can trust at Kerry Volkswagen. We provide the information, tools, and resources that make the difference, so you can pick out the right vehicle at the right price. Get started at our dealership today.
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