I Want a Different Vehicle


In our experience, we have often seen clients wanting a different vehicle than the vehicle they have been approved for on their auto loan. Why does this happen? The most straight forward answer is that the individual’s credit or financial state may not be where it needs to be in order to get the desired vehicle. Here’s a fictitious example to help illuminate this issue:

Joe and Jane Smith really want to purchase a fully loaded Jeep Grand Cherokee. They’ve both test driven the vehicle a few times and love this specific Jeep. They then speak with the Financial Services Manager to discuss financing options. After the Financial Services Manager runs Mr. and Mrs. Smith’s credit bureaus, the bank approves the Smiths with a higher interest rate than anticipated due to some credit issues in the past. Therefore, the Jeep Grand Cherokee does not fit within the approval guidelines that the bank approved for the Smiths.

This may be a hypothetical example, however this scenario happens all the time. The best advice we can give is to not be discouraged and remember that there is still a bank approval for an auto loan. Most individuals are not aware of their current credit score and may not have known that a finance pre-approval would help avoid the above example.

So how do you get into that Jeep Grand Cherokee that the Smiths fell in love with in our example? It you may require the Smiths to be in a different vehicle for 12 months while they build a relationship with the bank. Then, the Smiths could trade that vehicle in and get a different vehicle at a lower interest rate.

When building or repairing credit, it is best to have a realistic action plan. Our team at Comox Valley Auto Loans creates step-by-step action plans for all of our credit rebuilding clients to get them the lowest possible interest rates. At the end of our plan, you can be driving the vehicle of your dreams in no time!