Tips How To Get A Car Loan

6 Tips To Get A Car Loan

• Can I Get Approved For A Car Loan After Bankruptcy?
• What Do I Need To Bring With Me To Get Approved For A Car Loan?
• How Do I Get Approved For An Auto Loan?
• I’m A First Time Car Buyer, Do I Need A Co-Signer?
• Can I Get Approved For A Second Car Loan?
• Can I Get A Car Loan After A Repo?

1) Can I Get Approved For A Car Loan After Bankruptcy?

Yes, it is possible to get a car loan approval even after bankruptcy, depending on a few factors:

• Was the bankruptcy a Chapter 7 or Chapter 13 filing?
• Has the bankruptcy been discharged or are you still in bankruptcy?
• How was your credit history before filing for bankruptcy?
• If you do not have a letter from your trustee, you should obtain one.

For a more detailed explanation of how you can get a post-bankruptcy car loan approval, we recommend taking advantage of the dealership’s financing managers’ auto financing expertise with a quick phone call (855) 389-7542. There’s no one better equipped to help you find the best ways to get approved, even after bankruptcy.

2) What Do I Need To Bring With Me To Get Approved For A Car Loan?

It’s always a good idea to come to the dealership prepared for the financing process with the following documents:

• Valid Driver’s License
• Proof of Income:
  • If you’re a W2 Employee you’ll need:
  • Recent paycheck stubs
  • If you’re a new employee, a proof-of-employment letter from your employer is a good idea
• • If you’re self-employed you’ll need:
  • Bank statements
  • Tax returns
• Three to five personal references (name, address, phone number)

These are general documentation requirements. For answers more specific to your circumstances, the dealership’s financing team can answer all of your questions and concerns more accurately.

3) How Do I Get Approved For An Auto Loan?

Getting approved for an auto loan takes a lot of factors into consideration including your credit history report and your annual/monthly income. While there is not a one-size-fits-all process that will guarantee auto loan approval for everyone, these preparation steps can lower the difficulty level of the approval process.

To get a jump-start on the process, we recommend filling out the dealership’s online financing application before you make the trip to the dealership. When you’re ready to head to the showroom, be sure to bring the following:

• Your valid driver’s license
• Your proof of income (paycheck stubs and/or bank statements)
• Three to five personal references (name, address, and phone numbers)
• Your down payment (if needed)

4) I’m A First Time Car Buyer, Do I Need A Co-Signer?

Co-signers are not mandatory for first-time car buyers. It really all depends on your credit history and income. That said, it’s never a bad idea to have someone in mind as a co-signer in case you do need one.

5) Can I Get Approved For A Second Car Loan?

While it is certainly not impossible to get more than one car loan, there are several factors lenders look for when considering financing two or more vehicles at a time:

• Your credit history
• Your debt to income ratio
• Whether you have a cosigner
• How long you have had your current car loan

6) Can I Get A Car Loan After A Repo?

You may be surprised by this answer, but in most cases, it is possible to get approved for another car loan after you’ve had a repossession. You’ll most likely need a co-signer or a substantial down payment but there are always options for auto loan approval, even after a repossession. For more details, speak to the dealership’s financing manager.