7 Steps to Prepare to Apply for A Car Loan
Buying a car is a serious investment, one that requires thought and planning. So how do you prepare to apply for a car loan? Here are the 7 steps that will get you ready!
Credit Reports
Before you do anything, check your credit report with the major credit bureaus. Look for possible errors and dispute any that you find. According to Experian, it typically takes 10-14 business days to correct errors. This can be an easy way to give your credit score a lift!
Pre-Qualify
Use the Joe Bowman pre-qualification app to determine how much you spend on a car, determine loan length and your estimated monthly payment.
You’ll also want to run insurance, fuel, and maintenance costs as well.
Research Cars
Not sure whether to buy a new or used car? Once you know your budget, look for cars that meet your lifestyle and budget needs. This will help you decide which route to take. With either route you choose, Joe Bowman Auto Plaza has competitive car loan rates for both used and new vehicles.
Insurance
When financing a car, full insurance coverage is usually required. Look into the costs for insurance coverage for the type of vehicle you want to purchase.
Income Documentation
Once you’ve gathered the above information, you’ll need your income information to complete the loan application. This will include pay stubs, bank statements, and so on.
Get Car Loan Interest Rates
Your credit score is a big factor in determining your interest rate. Sites like MyFico.com can tell you what kind of APR to expect, if your loan is approved.
Our financing department can also share with you that information. Then with our wide network of vendors, we can find the interest rate and finance terms for your budget and lifestyle.
Loan Preapproval
Working either with your bank or with our dealership, it’s best to get loan preapproval before shopping for a vehicle. Our interest rates and finance terms are as competitive as any of the local banks. Plus, our approval process is quicker.
When working with a third party lender, we must prepare all of their paperwork plus our own, so approval takes a little longer. However, we can most certainly do it.
But if you want the same competitive interest rate and terms, consider dealer financing!
When you’re ready to buy a new or used car, talk to one of our sales consultants. The more you can prepare to apply for a car loan, the easier the process will be. Stop in and see us
Credit Reports
Before you do anything, check your credit report with the major credit bureaus. Look for possible errors and dispute any that you find. According to Experian, it typically takes 10-14 business days to correct errors. This can be an easy way to give your credit score a lift!
Pre-Qualify
Use the Joe Bowman pre-qualification app to determine how much you spend on a car, determine loan length and your estimated monthly payment.
You’ll also want to run insurance, fuel, and maintenance costs as well.
Research Cars
Not sure whether to buy a new or used car? Once you know your budget, look for cars that meet your lifestyle and budget needs. This will help you decide which route to take. With either route you choose, Joe Bowman Auto Plaza has competitive car loan rates for both used and new vehicles.
Insurance
When financing a car, full insurance coverage is usually required. Look into the costs for insurance coverage for the type of vehicle you want to purchase.
Income Documentation
Once you’ve gathered the above information, you’ll need your income information to complete the loan application. This will include pay stubs, bank statements, and so on.
Get Car Loan Interest Rates
Your credit score is a big factor in determining your interest rate. Sites like MyFico.com can tell you what kind of APR to expect, if your loan is approved.
Our financing department can also share with you that information. Then with our wide network of vendors, we can find the interest rate and finance terms for your budget and lifestyle.
Loan Preapproval
Working either with your bank or with our dealership, it’s best to get loan preapproval before shopping for a vehicle. Our interest rates and finance terms are as competitive as any of the local banks. Plus, our approval process is quicker.
When working with a third party lender, we must prepare all of their paperwork plus our own, so approval takes a little longer. However, we can most certainly do it.
But if you want the same competitive interest rate and terms, consider dealer financing!
When you’re ready to buy a new or used car, talk to one of our sales consultants. The more you can prepare to apply for a car loan, the easier the process will be. Stop in and see us
