Buick Finance Tips for Beginners

Our Buick finance team often meets with buyers who are anxious about financing a vehicle for the first time. If this sounds like you, you’ll be pleased to hear that Buick financing is actually a relatively simple and streamlined process. We’re got a few tips to help you prepare at Serra Buick GMC Champaign.  

Set a Budget  

Before you start shopping, it’s important to consider your budget. You don’t want to find yourself breaking the bank to make your auto payments each month. Plus, lenders look closely at your buying criteria to determine if you’re eligible for a loan.  

To set your budget:  

  • Aim to keep your total auto expenses (car payments, gas, insurance, and more) under 20 percent of your take-home pay 
  • Lenders prefer a debt-to-income ratio under 36 percent — keep this in mind when applying for auto financing  

Use an Auto Payment Calculator 

To ensure that a vehicle is in your budget, we recommend using an auto payment calculator like the free one on our website. It uses a number of factors including your vehicle price, interest rate, down payment, and Buick trade-in value, to give you an estimate of your monthly payment. If the estimated payment is too high for your liking, you can adjust the factors to see which vehicles are better fits for you (or how much you will need to add to your down payment).   

Check Your Credit 

Your credit score is also an important factor when applying for an auto loan. Minimum credit scores will vary, depending on the lender. While a bad credit score doesn’t automatically disqualify you, it can leave you with a less-than-desirable interest rate.  

Get Preapproved Online 

To increase your buying confidence, we encourage you to get preapproved online. While it isn’t a guaranteed loan offer, it can provide an estimate of your rates and loan payments. Plus, you’ll typically secure a loan if you’re preapproved unless your buying criteria changes.  

Come Prepared 

To save time, it helps to come to the dealership ready for the financing process. For starters, you’ll need: 

  • Proof of identity  
  • Proof of income  
  • Proof of residence  
  • Proof of auto insurance  

Visit the Buick Finance Department at Our Savoy, IL Dealership Today 

Do you still have questions about the auto financing process? Our team is happy to sit down and help you review your options. We’ll be with you every step of the way — visit our Buick dealership in Savoy, IL to get started today!