How Do I Get A Loan From The Bank For A Car?

How Do I Get A Loan From The Bank For A Car?

Here’s how the process of getting a car loan works.

  • Step One: Check Your Credit. Your credit score will play a key role in the rate you’ll pay for your loan.
  • Step Two: Pick Your Payment.
  • Step Three: Get Pre-Approved.
  • Step Four: Choose Your Vehicle.
  • Step Five: Finalize the Paperwork.
  • Step Six: Start Paying Your Car Loan.

How can I qualify for a car loan?

To make your new car a reality, you’ll need to have the following in hand in order to qualify for the loan:

  1. Proof of Identity and Residence. This may not be necessary if you are applying for a loan at a bank or credit union with which you already have a relationship.
  2. Proof of Income.
  3. A Good Credit Score.
  4. A Down Payment.

Photo in the article by “Flickr” https://www.flickr.com/photos/internetarchivebookimages/14777025815/