Car Financing Myths and Misconceptions

Finding the right financing for your vehicle is an important part of the vehicle shopping experience. However, many drivers have misconceptions about vehicle financing and how it works. Below, we’ve debunked several common financing myths and misconceptions, to help drivers shop for their next vehicle with greater peace of mind. 

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Myth #1: Drivers With Poor Credit Can’t Get a Car Loan 

Even if a driver’s credit score isn’t particularly great, there are plenty of dealerships who offer subprime or near-prime financing options for drivers to take advantage of. Here at Auto Depot Sudbury, our financial experts can help drivers get approved for an automotive finance package that works for them. In fact, a car loan can help drivers rebuild their credit, assuming they make their monthly payments on time. 

Myth #2: My Spouse’s Credit Score Will Make Up For My Credit Score

A common misconception drivers have when financing their vehicle is that their credit score will be combined with their spouse’s when applying for a joint car loan. Because credit scores are not combined when two people marry, lenders consider each credit score individually, even when applying for a joint loan. However, a married couple’s income is combined, which can help drivers receive a more favorable loan. 

Myth #3: Being Rejected Once Means You Won’t Get Approved Elsewhere 

It can be discouraging for drivers to get rejected for a car loan. However, just because one dealership decides to turn down a driver doesn’t mean that other dealerships will turn them down as well. Every dealer has a different financial department, and they won’t always share the same automotive financing options. Drivers who have been rejected for financing from one or two dealerships should always explore other options in their area. 

Finance Your Next Vehicle at Auto Depot Sudbury 

Ready to purchase your next vehicle? Auto Depot Sudbury features a wide selection of models for drivers to choose from, as well as a variety of financing options to help drivers get behind the wheel. Have any financing questions for our team? Drivers can contact our team by calling (705) 673 – 6079, or by sending us a message directly through our website.