If you’re in the market for a vehicle, you probably have a list of requirements that your next vehicle has to meet. Whether you want a vehicle that gets over 30 miles per gallon or a vehicle that is a hybrid or electric, there are certain things that you know need to when making your list.

One more consideration to keep in mind? Financing.

A car is an investment, and most people use loans rather than paying cash up front. At Poquet, we’re dedicated to making financing as easy as possible.

We have a wide range of lenders to cater to varying degrees of creditworthiness, price ranges, and incomes. We always pass along the best possible rate being offered by each individual lender.

Wondering how to secure financing?

Two Options for Financing at Poquet  

1. Walk-In

These days, customers are doing more and more research online before they buy. But buying a car doesn’t have to be a painful, drawn-out process. That’s why we offer a walk-in option for financing.

How does it work? Simply come in, select your vehicle, and complete an easy credit application on one of our iPads. It usually takes about an hour or so to submit this application and discover your options if you walk in.

2. Pre-Approval

Simply go to our online credit approval page and fill out the application which typically only takes a few minutes to complete. You’ll receive an automated e-mail that your application has been submitted successfully. You can reply to that email with a vehicle that is of interest and we will start the car buying process. We’ll contact you as soon as we hear back from our lenders and let you know what your options are.

Who is pre-approval good for? Pre-approval can come in handy if you’re traveling from further away, or if your credit score is somewhat in question.

What does my credit have to do with financing?

While there are no universal minimum credit scores required for a car loan, your scores can significantly affect your ability to get approved for a loan and the loan terms. Your personal credit score can simply be summed up as your ability to pay back a loan you took out for a large purchase.

In general, the stronger the credit, the lower the interest rate and more favorable terms. A higher credit score will show the lender that there is an increased probability you will be able to pay back the loan on time. Those with very good credit scores will typically qualify for low-interest rate loans.

Those who have lower credit scores will be faced with higher interest rates when searching for a loan. A lower credit score will generally require the individual taking out the loan to put a larger amount down on the car in addition to paying a higher interest rate on the loan. The low score represents a high risk to the lender, and in return, the lender wants to be assured that they can recover a large amount of payment in a short period of time.

What does Poquet consider good credit?

There are many different scoring models, and some use other data in calculating credit scores. In general credit scores range anywhere from 300 on the low end, to 850 on the high end.

Our main lender, Spire Credit Union offers its lowest rates with an Equifax score of 700 or higher. With a credit score of 700 or higher, our sales team will be able to work with you to receive a lower interest rate and more favorable loan terms.

Is Poquet able to work with me if I have poor credit?

Simply put, yes. We have six lenders we directly work with to assist with varying credit histories so that we can get the loan that’s right for you.

If you can improve your credit by making consistent on-time and in-full payments, consider refinancing your loan to get a better interest rate. When you decide on a lender to refinance with, the lender will likely run your credit again and look at your financial history to determine whether you qualify. If your credit situation has improved, this could position you for a new loan with a better interest rate and better loan terms.

Prioritizing safety with our customers

While we have always consistently maintained high standards over the years in our cleanliness practices, Poquet Auto has implemented two new programs and additional processes to keep the car buying experience safe.

In addition to the Centers for Disease Control Prevention guidelines, we work in accordance with the Minnesota Department of Health to ensure that our customers and employees are as safe as possible.

Check out our new contactless buying experience to learn how our primary focus is getting cars to our buyers in the safest way possible.