When it comes to financing your Hearse, you have many options. Really, it is just the same as any other vehicle although some loan providers might not value your ride as highly as you do. What I mean by this is that the bluebook value of the car might not accurately describe the true value of the hearse. This means that you might have to shop around and you might have to come with some cash to the table if you want to obtain financing.
Choosing a finance company is easy enough. I recommend applying with at least three different loan providers. Capital One is a great one to consider as they usually have pretty competitive loan rates and make quick decisions. You can also look at companies like Wells Fargo and if you are desperate, perhaps even Loan Monkey could get you the seriously needed money for your hearse. The key is to shop around and do not just accept the first loan offer that you see. Rates and terms will vary tremendously from one company or one website to the next.
When you are preparing to apply for your loan, you must also do a few things to get the best rate possible. It is best to start preparing for your new loan at least three months in advance. Here are some things that you can do to get your credit score as high as possible.
- Pay Down Debt
Try to pay down your debt so that you are using less than 30% of your available credit. This can easily add 10-20 points on your credit score. Cutting down your credit card debt can also lower your estimated monthly payments allowing you to qualify for a higher loan.
- Do Not Seek Other Credit
Do not seek any other new credit before you go after a hearse loan. The more inquiries that you have, the lower your score will go. It might only be a few points, but every point counts when you want to get the best interest rate.
- Make All Payments On Time
This goes without saying but make sure that you are making your payments on time to avoid a credit score plunge. If you are not making payments on time, you might think about the need for getting a luxury item like a hearse anyway.
- Check Your Credit Report
Pull your credit and check for any errors. Dispute errors and do it quickly. It can take several months to get errors removed from your credit report. Their are free resources like Credit Karma that allow you to do this and you are entitled to a free credit report once a year so you can got directly to the credit bureaus.
Take care of the above things at least three months and preferably six months before applying for a hearse loan to get the best rate. Increasing your score as little as 10 points could save you several percent on your next loan. That can save you hundreds or even thousands of dollars over the full course of a 4 to 6 year loan.
Good luck to you. Hopefully you can get a nice pre-approved loan and have a great time hearse shopping knowing that you already have credit arranged. A pre approval will make things more fun for you and will give the seller some peace of mind, knowing that you are a serious buyer.