Financing a car can seem like a long, complicated process but, broken down, it’s simpler than doing your taxes. More often than not, you’ll finance a car less often than you do your taxes (we hope, anyway). Still, you should know how to finance a car, just in case. While most dealerships with a finance department will do it for you these days, knowledge is power!
First, you’ll need to gather your financial information. To complete loan applications, you’ll need to know your expenses (rent, debt, and so on), income, employment, and your social security number. Knowing your credit score offhand is a plus but odds are you won’t be asked for it on the form.
Once you have this information, it’s time to fill out those forms! Apply everywhere and anywhere as long as they’re an accredited lender. You never know who will come up with the best deal.
It’s best to send out the applications at once. Sending out a few applications over a month can lower your credit score due to multiple credit inquiries.
When you receive loan offers, check out important factors such as the interest rate and loan period. Consider your financial situation and make the best choice for your budget!
We here at Jeff Lungren Chevrolet will be more than happy to help you finance a car and drive away the same day!