Quick Guide to Getting Financing

When you are negotiating an auto deal, it can seem like you are spending an eternity at the dealership haggling over price, negotiating conditions, and going over tedious legal documents. By being prepared, you can make things easier on yourself. From the test drive to the used car loans

Proof of Identity

Make sure you bring your identification with you. Most dealerships won’t let you even test drive a car without a valid driver’s license, and when it comes time to set up title transfer and loan documents, it is essential that your name and personal information is accurate.

Credit History

The types of loans you qualify for depend on your credit. Know what your credit score is and what is on your credit history. Expedite the loan process by pointing the finance department in the direction you need them go.

Proof of Income

A lender needs to see that you can make payments. Expect the dealership to insist on seeing verification of your income at some point. Having your paystubs or account statements with you.

Proof of Residence

This is important for two reasons. Registration documents need to be prepared accurately, and lenders will want to know where you are going to be storing the car. Proof of residence requires more than just the address on your driver’s license. It is often necessary to show a utility bill with your name and current address. You may also be asked to provide a list of personal contacts and references.

Trade Documents

If you have an older vehicle that you are trading in, bring the registration and title documents. Be ready to release ownership of it right away.

Proof of Insurance

In order to drive away from the dealer’s lot, you will need to have insurance. Bring your current proof of insurance. If this is your first car, or you are purchasing insurance for the first time, be prepared with the contact information of your insurance broker.

Down Payment

Be ready to make your first payment. Most dealers will accept a variety of payment options, but most prefer certified checks or credit cards. Personal checks may also be accepted. For the high sums of money in question, cash is not always a good idea.

Save yourself some time at the dealer. Be prepared, and bring all of the things you need with you to expedite your used car buying experience.