201 US Route 66 Moriarty, NM 87035 505-832-5106

Top 4 Questions about Auto Financing

Buying a car can be a nerve-wracking experience, especially for first-time buyers. A better understanding of the car financing process can help put you at ease. Before you head out for an afternoon of test driving, here’s what you need to know to be ready to sign on the dotted line:

1. How do I apply for financing?

The actual process of applying for financing is fairly similar and straightforward regardless of lender. It’s a matter of digital and/or hard copy paperwork to determine your credit-worthiness. The bigger question is really Who Should I Get Financing From?

Some dealerships offer their own in-house financing. If not, there are always private banks to go to for loans. Our lending department can help you get approved for a loan and select a financing option that offers the best terms.

2. Should I have a co-signer?

Whether or not you have a co-signer on your auto loan is determined by the lending institution, not you. If your credit score is high enough, you can sign for the auto loan yourself, and it is actually better if you are the only person on the loan. However, if the bank requires a co-signer, you will need to choose someone with good credit and proof of sufficient income. 

3. Should I make a down payment?

Whenever possible you should make a down payment. Putting money down on your car lowers your monthly payment and shortens the loan term. Overall, a down payment can save you significantly on loan interest charges.

4. How long will the loan process take?

The loan process usually only takes a few minutes—that’s how fast you can get an approval from the lending institution. Most people can drive their new car home the same day. However, if the lending institution requires additional information that you do not have with you, the process can be delayed. You can get pre-approved for credit at Unique Enterprises using our online system. You may also contact us to find out what you need to bring with you to ensure that you can close the deal the same day you come for a test drive.

Top 4 Questions about Auto Financing

Buying a car can be a nerve-wracking experience, especially for first-time buyers. A better understanding of the car financing process can help put you at ease. Before you head out for an afternoon of test driving, here’s what you need to know to be ready to sign on the dotted line:

1. How do I apply for financing?

The actual process of applying for financing is fairly similar and straightforward regardless of lender. It’s a matter of digital and/or hard copy paperwork to determine your credit-worthiness. The bigger question is really Who Should I Get Financing From?

Some dealerships offer their own in-house financing. If not, there are always private banks to go to for loans. Our lending department can help you get approved for a loan and select a financing option that offers the best terms.

2. Should I have a co-signer?

Whether or not you have a co-signer on your auto loan is determined by the lending institution, not you. If your credit score is high enough, you can sign for the auto loan yourself, and it is actually better if you are the only person on the loan. However, if the bank requires a co-signer, you will need to choose someone with good credit and proof of sufficient income. 

3. Should I make a down payment?

Whenever possible you should make a down payment. Putting money down on your car lowers your monthly payment and shortens the loan term. Overall, a down payment can save you significantly on loan interest charges.

4. How long will the loan process take?

The loan process usually only takes a few minutes—that’s how fast you can get an approval from the lending institution. Most people can drive their new car home the same day. However, if the lending institution requires additional information that you do not have with you, the process can be delayed. You can get pre-approved for credit at Unique Enterprises using our online system. You may also contact us to find out what you need to bring with you to ensure that you can close the deal the same day you come for a test drive.

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