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
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?
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
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
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?
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
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.