It’s easy to pick out the perfect car, especially if you already have one in mind, but getting the money for it is a different story. If you’ve never had to finance a car, whether you’re a first time buyer or bought from private parties prior, here’s a quick overview of what the process is like.
If you’re buying from a dealership, a finance department is likely to do all the hard work for you. Preapproved loans take more work and the offers are similar to those you’ll receive when applying through a finance department.
You’ll need to know your employer, expenses, income, rent/mortgage payment, and social security number before you’ll be able to fill out applications. Once they’re filled out and submitted, all you can do is wait.
Lenders will run a credit check that will reveal your credit score and any outstanding debt. Based on that information and your application, they’ll accept or reject you. If they accept, they’ll make a loan offer.
Once you receive loan offers, it’s important to pay special attention to the annual percentage interest rate (APR) and length of the loan as they determine how much interest you pay. Accept the loan that’s right for you!
We have a great finance department here at Randall Mitsubishi! Come down and see us for your next car purchase.