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:
- 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.
- Proof of Income.
- A Good Credit Score.
- A Down Payment.
Photo in the article by “Flickr”