Knowledge is power, especially when it comes to getting approved for a auto loan. At Gillman Acura, our goal is to provide our customers with important information regarding auto loans approvals to help minimize frustration during the process.
Important Things To Know About Auto Loans
Click below to find answers to some of the commonly asked questions regarding auto loans.
Absolutely! Dealerships have financing teams on site to help customers with everything they need to finance their vehicle. From their expert knowledge of all of the different financing programs and options to their extensive network of banks and credit unions (a.k.a.: “lenders”), the dealership finance team is perfectly equipped to provide you with everything you need to finance your new vehicle.
2) 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)
Most recent water or utility bill with current address on it
Three to five personal references (name, address, and phone numbers)
Your down payment (if needed)
3) 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 (405)-749-1111. There’s no one better equipped to help you find the best ways to get approved, even after bankruptcy.
4) Should I Apply For A Car Loan Before or After Picking Out A Car?
The answer to this question really depends on whether you want to be pre-approved for a specific dollar amount or if you’re looking for financing on your dream car. Whichever you prefer, the dealership financing team is ready to help you throughout the financing process.
5) 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.
This vehicle is being built now. Contact dealer to reserve this vehicle and discuss options for locking in pricing and eligible incentives.
Vehicles identified as “Being Built” are pre-production vehicles that are not yet on the dealer’s lot or in transit. Pre-production computer-generated images may be shown and may not be representative of the vehicle listed.
MSRP for standard equipment plus optional equipment listed. Vehicle delivery date and other vehicle information, including pricing and incentives, are subject to change until the vehicle build is complete.
MSRP excludes additional charges including without limitation any delivery fees, government fees and taxes, title and registration fees, finance, filing and processing charges, emission testing charge, accessories and upfits.
