You’ve found the car that you want and at a price that you can afford. Well, at a price that you can afford if you are able to wrap up financing.
Auto loans are a popular way for people to finance their new and used car purchases, particularly if you don’t have the cash to pay for your deal. With new car prices averaging just under $30,000 per vehicle, it isn’t hard to understand why so many people consider financing.
If you are ready to fill out a car loan application, there are some things you should consider along the way. I’ve outlined the key points here.
7 Steps To Successfully Finance Your Car
1. Take your time. Lots of people finance their cars at the dealership, but you may be under a tremendous amount of pressure to agree to a loan that isn’t in your best interests. If possible, take the application home with you or log on and do it online.
2. Shop Around. While the financing arms of the major automotive manufacturers often provide good loan terms, you might do better grabbing the rebate instead and looking elsewhere. Use an auto loan calculator to help you snag the best deal out there.
3. Tackle the Application. Start filling out the loan application and carefully enter your personal data including social security number, your address, and other loan information.
4. Your Current Income. The more information you supply about your employment for the past two to three years, the better. Even if your salary information isn’t steady, list what you have and be prepared to submit further documentation (W2 stub or tax return) if needed.
5. Other Financial Information. Include additional financial information particularly if mentioning a pension, alimony, or a financial settlement could work to your advantage.
6. Supply Documentation. Although many applications are done completely online, you may need to provide supporting documentation including copies of your social security card, other loan agreements, etc.
7. Proofread and Submit. Once you have filled out the car loan application, carefully review it and make needed corrections. An error on your part could delay the approval process which can take from just minutes to two or three business days.
Finally, if there is a co-signer for the loan then you’ll need for this person to submit their personal information too.
Shopping for a car is half of the battle, getting a good rate on your next car loan is the other half, therefore take care that this is done right.
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