Most new and used car dealerships have a finance department to help you get the best deal possible. While that’s extremely helpful, it’s still possible to head out and get a pre-approved loan before you start shopping for a car. If you’re one of the people interested in a pre-approved loan or just knowing how financing a car works, here’s a simple step-by-step guide.
- Fill out the application. If you’re trying to get a pre-approved loan before shopping, apply to as many banks, credit unions, and other lenders as possible. You’ll need to know your employer, income, expenses, including rent or mortgage, and social security number. While knowing your credit score can give you an idea of what kind of deal to expect, it isn’t necessary for the application. Most financial institutions will run a credit check before making a loan offer.
- Submit the application. If you’re applying from a dealership’s finance department, they’ll take care of this part for you. Odds are you only needed to fill out one application as well.
- Look over and accept a loan. Once lenders have looked over your application, they’ll offer you loans with set terms and interest rates. Examine each one carefully and accept the one that works best for you!
Here at Riverside Ford, we do our best to get you’re the best loans available to you!