When it comes to purchasing a car, most of us do not have the money lying around to just buy it outright. This is why we look towards financing options that allow us to purchase that new car we want, without having to save up all the money to purchase it outright. Financing can be obtained through the manufacturer of the car’s financing department, or a loan can be obtained through a bank or other financial institution.
VW is a highly popular auto manufacturer, known for making high quality, well built cars from economy style to luxury. Volkswagen has their own financing department that provides loans for potential buyers. As with most in house financing, there are a number of options to choose from, depending on your credit history and credit score.
Those with good to excellent credit, with no negative judgments on their credit history, a solid financial standing, and other lines of credit that have been kept current, will have the easiest time qualifying for financing. There is no minimum credit score needed to apply for credit, but approval rates are much higher for those who have good credit, than those who have less than perfect credit. Those with excellent credit will have better loan terms, and they are also likely to have to pay a smaller down payment.
Even if you have less than perfect credit, you can still qualify for financing through VW. There can be exceptions made if you can put down a significant down payment on the vehicle. Those with decent credit may qualify, but at a higher interest rate than those with better scores. Those with poor or not credit can still qualify through the use of a co-signer on the loan. However, the co-signer will have to meet stringent financial requirements in order for you to qualify for the vehicle.
For many, in house financing is a great way to take advantage of dealer offers that cannot be obtained when buying the car with a loan from the bank. However, for those with less than perfect credit, but a good standing with their personal financial institution, may have an easier time getting a car loan, at better terms, through the bank, as opposed to the manufacturer. The interest rates you can get from a bank that you have a long standing history with are likely to be more attractive, if you have fair credit, than trying to obtain in house financing through the manufacturer.