Once you’ve picked out a new car, it’s hard to turn around and walk away. Financing can be confusing and difficult, especially if you’re a first time buyer or trying to get preapproved. Most dealerships have a finance department to help out but it’s easy to get lost among the paperwork. Here’s what happens when you apply for a new car loan!
Before you start applying for car loans, you’ll need some information. Gather your employer, income, expenses, rent/mortgage, and social security number. While knowing your credit score is an added bonus, you won’t need it for the applications. Lenders will check your credit history before offering you a loan.
At a dealership, you’ll likely only fill out one general application and it will be sent to a number of lenders. If you’re aiming for preapproval, you’ll need to fill out each application individually.
Once the applications are out, all you can do is wait. When offers come flowing it, take the time to review each one carefully. Examine the annual percentage rate and the length of the loan. Once you’ve found one that’s a good fit, accept, sign, and drive off the lot.
Getting rejected is normal, but if every lender rejects your application, reexamine your information or ask the dealership’s finance department for help.
No matter your situation, we here at Paul Obaugh Ford can help you finance a new car both quickly and easily!