Taking out a loan is one of the most common ways to pay for your new car. While it may sound complicated, having a dealership’s finance department by your side can make all the difference. There are only a few steps to finance a car but how long it takes can vary from whether you’re getting pre-approved or buying from a dealership.
First and foremost, you’ll need some information. Before filling out applications, have your employer, income, expenses, and social security number on-hand. If you’re applying at a dealership, you’ll only need to fill out a few general forms. If you’re applying on your own, you’ll need to fill out an application for each potential lender.
Once you’ve filled out the forms, the dealership’s finance department will submit them to lenders on your behalf. The lender will then examine your application. If everything looks good, they’ll run a credit check. If your credit score is good, they’ll likely offer you a loan.
Once the loan offers start rolling in, it’s up to you to examine them. Look at things like the annual percentage rate (APR), loan length, and monthly payment. If it all checks out and fits in your budget, sign and drive away!
We here at Coronet Dodge have a wonderful finance department that will put you in a new car with ease!