Applying for car loans can feel like doing your taxes. You need to know your financial information as well as determine what you can afford in your current financial situation. Most dealerships will apply for loans via the finance department. Just in case they don’t, or you want to bring a pre-approved loan with you, here’s how to apply for a car loan!
First and foremost, you’ll need your financial information. Gather your expenses, rent or mortgage, income, employment, and social security number and start filling out applications from nearby banks and credit unions.
It’s wise to know your credit score going into the application process but it isn’t required. Banks and credit unions will run a credit check upon receiving your application. If your credit score is above 720, odds are you’ll receive the best loan offers available.
Once lenders have replied to your applications, look over the loan offers and take the annual percentage interest rate (APR) and loan length into special consideration. Determine what works best for you and head down to the dealership with a great pre-approved loan in hand!
Here at Nissan of Silsbee, we’ll be happy to help you apply for a car loan that works with your budget!