How to Get a Car Loan
Buying a car isn’t all test drives, specifications, and, for some, pretty colors. Once you’ve decided on a car you like, it’s time to get a loan to pay for it. Applying for car loans doesn’t have to be a difficult process, especially if the dealership has a finance department that will do it on your behalf. Just in case you want to get a car loan on your own, here’s a few quick tips to help out!
Before you start filling out applications, take a step back and look at your financial situation. Write down your rent or mortgage, expenses, outstanding debt (like student loans), employer, income, and social security number.
While it would be a fantastic idea to check out your credit score, you won’t need it for applications. Credit unions and banks will do a credit check before making a loan offer. On a side note, credit scores above 720 generally receive the best loan offers.
Use the information you gathered to fill out car loan applications and submit them to banks and credit unions near you. After that, wait for loan offers to come in. Be sure to look over each offer carefully. The interest rate and loan length can make all the difference in your budget!
We here at Crossroads Chevrolet will be more than happy to help you get a car loan so you can leave with the car you fell in love with!