Auto Loan Requirements
Getting an auto loan is simple, very common and almost anyone can can get approved for one regardless of payment and credit history. There is an loan and lender out there for every type of person or credit. You can go to a bank directly, wait until you find your car and apply with the dealership or apply online right now on the application to your right. Whichever you choose make sure you meet the few basic requirements to be eligible for an auto loan.
- Proof of identity – Passport, state issued license, birth certificate, etc.
- Social Security Number – this allows lenders and dealerships to look up your credit score and payment history. The higher the score the lower the interest rate.
- Proof of Income - when lending money dealerships and banks like to know that you have the income or salary to make the monthly payments. Some lenders consider Social Security, Disability, self-employment, etc as income so don’t be discouraged if you are not employed as your income.
- 18 years of age or older - At 18 you are legally able to enter into an agreement.
- Down payment – Will you have one? If so, how much?
- Loan Amount – If you are applying directly with a bank you will need to know how much you would like to borrow. A dealership will know this amount so knowing the amount ahead of time should not be needed.
If you are trading in a vehicle it is recommended to know as much about the vehicle as you can so the dealership can asses the trade-in value. This information would include the mileage, the lien holder information, title and registration, and how much, if any, you still owe on the vehicle.
Measure your estimated monthly payment on our calculator or if you are ready to move forward – apply now.