Shopping for a new car is very exciting. Once you find that perfect car to take you everywhere you want to go, you’ll be ready to sit down and talk with one of our finance experts to talk about your leasing and financing options.
To make your application process as smooth and easy as possible, you’ll need to do some homework to be fully prepared for your vehicle finance appointment. We’ve put together a brief guide to help you prepare for your credit application appointment, starting with the essential items you need to bring.
WHAT YOU NEED TO BRING
When you apply for a loan, lease or credit you will need to bring the following items:
- Your valid government issued driver’s license
- Most recent pay stub
- A void check
- Other specific items as specified by the finance institute
In order to get the best deal on a lease or a loan, there are some things you should consider before arriving to your application appointment. Taking these steps before you go in, will help speed along the process, help you make the best financial choices, and get you behind the wheel of your new car!
FIND OUT YOUR CREDIT SCORE
Your personal credit score is one of the main factors that lenders consider when qualifying your for a loan, lease or credit. The lender will most likely obtain a copy of your credit report early on in the application process, but if you can find out your credit score on your own before you apply, you’ll have a better idea of what your chances are at qualifying, as well as what sort of rates you can expect.
To find out your credit score, you can request your free annual credit report from any of the major credit reporting agencies. You can also obtain your FICO score for around $20. For the absolute best rates, you want your credit score to be above 700, but if your score is in the 600’s you’re still likely to qualify, your rates just might be higher. Taking the time to find out your credit score will show your lender that you’re serious, as well as speed up the process.
You need to bring your pay stub and possibly other financial documents in order to prove your income to your lender. In addition to your credit score, your monthly/annual income is one of the main factors that determines your eligibility for a loan or lease. Your lender needs to clearly see that you’ll be able to repay your loan or make your lease payment every month. You may need to bring your tax returns from the last two years as well.
If you are self employed, plan on bringing a year to date profit and loss statement to clearly show your monthly income. Additionally, expect to bring in your current checking and saving bank statements and any other loan or credit card statements you have. Beyond financial documents, you’ll need to provide proof of employment, both current and past.
VEHICLE SALES INFO
You’ll need to bring all the important information about the vehicle you want to lease or finance. If you apply for a loan through our in house finance department, this step will be very easy as we already know everything about the vehicle!
If you’re applying for financing through a different financial lender, prepare to bring vehicle information such as the make, model, year, vehicle identification number, odometer reading, title history (if used), and purchase price. If the vehicle is used, you’ll likely be required to provide a complete vehicle history report. The sales contract and any warranty or service contracts will also be required.
To seal the deal, you’ll need to be prepared to make a down payment on the loan or lease as well as any other up front fees involved. Generally speaking, the larger the initial down payment is, the lower your monthly payment will be. To get the absolute best loan/lease terms and interest rates it is recommended that you put down at least 20% of the cars total price. If you are financially unable to put down the full 20%, don’t worry, you’ll still be able to eligible for the loan, you just might have higher rates.
Taking some time upfront to prepare for your loan/lease/credit application meeting will help you speed along through the process while also giving you more peace of mind. You’ll have a better idea of what you’re getting into and will have a better chance at getting the best financial arrangement that works well for you.
When you’re ready to move forward towards that new car you’ve had your eye on, contact our sales team or our finance department to schedule a loan/lease/credit application appointment.