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Tips for Financing Your Four Wheeler

Sep. 28 2022 Buying Guide By Cycles Of JacksonVIlle

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If you plan on financing your new four wheeler, we advise taking a look through some of the tips below! We here at Cycles of Jacksonville want you to get the best rates available and we’ve compiled some great advice to help you do so. Once you’re ready, stop by our location in Jacksonville, Florida, and take a look at our amazing inventory of four wheelers. 

Set A Budget

The biggest mistake buyers make when financing their four wheelers is not setting a budget beforehand. Remember that you can be approved for a loan that you might not be able to afford month to month. Before heading out to your local dealership be sure to take a look at your monthly income, expenses, and savings to see what you can actually afford in monthly loan payments. This, not your approved loan amount, should set your four wheeler budget. 

Credit Score

Credit scores can be a bit tricky, but they’re an important element in financing a purchase. However, what many people don’t know is that credit scores can be raised relatively quickly in a matter of 30 days! The trick is to request your yearly free report from one of the big reporting agencies. Take a look at some of the recorded history and see if you can’t pay off small debts, or get debts you’re already reimbursed removed. Another trick is to use your credit cards regularly but keep your bill relatively low— nothing you can’t pay off in one month. Both of these practices should raise your credit score fairly quickly!

Applications

There are a ton of different lenders out there, and you’re encouraged to apply with as many as you’d like. However, what many people don’t understand is that each application requires a hard check on your credit. This only lowers your score by a small amount for around a month. But, if too many hard checks are done in succession you’ll find it can really damage your score. Try to keep your loan applications below 5 or 6. Try to do some research on nearby or even online lenders to try and get the best rates available. 

Whether you need a little time to prepare for your purchase, or you’re ready to visit a dealership today, we hope you’ll visit Cycles of Jacksonville for all your four wheeler needs. We proudly serve the cities of Orlando and St. Augustine, Florida, and offer amazing inventory at amazing rates!