Tips How To Get A Car Loan

Whether you’re in the market for a new car or used car loan or want to refinance your current one, first take time to learn more about your auto financing approval questions and answers that will help you get a car loan approval. One of the best advice to have in consideration if you are about to make the decision of purchasing a car is to be absolutely sure that it is actually within your budget. After that, is all a matter of requesting a pre-approved car loan. At Volkswagen of Alamo Heights, when it comes to car loan, we excel to make the process as easy and transparent as possible; that is why we strive to provide you with the information you need to have a basic understanding of the overall process to get the car you are looking for, reducing any fear or frustration along the way.

how to get a car loan

 

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.

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For a more detailed transparent explanation of how you can get a car loan approval, we recommend contacting our dealership financing department for an easy and quick car loan. So call (855) 389-7542. to schedule an appointment today! There’s no one better equipped to help you understand the car loan approval process than our auto finance team.

 

Visit Our  Auto Financing Department  | Tips To Help Get An Auto Loan | Volkswagen of Alamo Heights Auto Finance Department in San Antonio, TX 78209

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1402 N.E. Loop 410 Expressway • San Antonio, TX 78209

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Volkswagen of Alamo Heights

1402 N.E. Loop 410 Expressway San Antonio, TX

Phone: (210) 828-1201

http://maps.google.com/?q=1402%20N.E.%20Loop%20410%20Expressway%2C%20San%20Antonio%2C%20TX%2078209

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Phone: (855) 677-4943

1402 N.E. Loop 410 Expressway San Antonio, TX

Sales

Phone: (855) 389-7542

1402 N.E. Loop 410 Expressway San Antonio, TX

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Phone: (855) 976-4259

1402 N.E. Loop 410 Expressway San Antonio, TX
29.5151787 -98.4457564
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Volkswagen of Alamo Heights
Volkswagen of Alamo Heights
1402 N.E. Loop 410 Expressway
San Antonio, TX, 78209 US
(210) 828-1201
https://di-uploads-development.dealerinspire.com/vwofalamoheights/uploads/2018/06/VolkswagenofAlamoHeightsOGImage.png
Volkswagen of Alamo Heights 29.5151787, -98.4457564.