How to Qualify for an Auto Loan

Man and Woman Signing Contract

Qualifying for a car loan isn’t as difficult as it might seem. If you need a car loan in order to get around Middletown, as long as you have some basic identifying documents, it won’t be that hard. However, it is important to note that your credit history does play a role in the terms you’ll be able to get on your loan. Keep reading for more on the basics of how to get a car loan from the finance department at Old Saybrook Chrysler Dodge Jeep RAM.

What Do I Need to Qualify for a Car Loan?

First of all, here’s what you need to qualify for a loan from any financial institution:

  • Proof of Income: You’ll need to be able to prove your income so the lender has confidence that you’ll be able to keep up with payments if you are looking at buying a car with financing help. In the majority of cases, bank statements and/or pay stubs will suffice. In some cases, a lender could ask to contact your employer.
  • Proof of Insurance: You are legally required to have car insurance, and insurance is also required to get a car loan. Often, you can purchase insurance right at the dealership, but you can also take care of it ahead of time.
  • Identification: You need some way to prove that you are who you say you are. A photo ID is often not enough, though it is required. You’ll probably also need some corroborating documents. For example, a current utility bill in your name or a current bank statement with an address that matches the one on your ID.
  • Proof of Residence: Lenders need to have confidence that they can find you if needed. In the majority of cases, a recent utility bill can serve as proof of your address.

One last thing. If you’re trading in your old vehicle to help finance your purchase, you need that car’s title and registration. That way you can prove ownership of the vehicle. Use our online value-your-trade tool to value your trade-in ahead of time.

Do I Need a Good Credit Score to Get a Car Loan?

Good credit can help you get any kind of loan, and could help you get a car loan with more favorable loan terms. The thing is, it’s often possible to secure financing with mediocre or even bad credit. What qualifies as a “good” credit score can be subjective and varies by lender, but having a good credit history could help you secure a lower annual percentage rate (APR) on your loan. So if you have bad credit, many lenders will work with you, but they could say you need a co-signer. That, or you’ll have to be willing to accept a higher APR.

Come to Old Saybrook Chrysler Dodge Jeep RAM and Get a Car Loan!

Here at Old Saybrook Chrysler Dodge Jeep RAM, we make it easy to secure the loan amount you need to get the car, truck, or SUV of your dreams. Just apply for financing online at our website, or call us and we’ll be able to help you make a payment plan that works for you whether you opt for a secured or unsecured loan. Contact us or make the short trip from Madison to chat in person about securing the financing you need, and don’t forget to check our rotating dealership specials!

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(860) 388-4445

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255 Middlesex Tpke • Old Saybrook, CT 06475

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Old Saybrook Chrysler Dodge Jeep RAM 41.3069593, -72.3825927.