What Requirements Are There to Get an Auto Loan?

Are you looking to get a competitive car loan in Beavercreek area? While it can seem daunting at first, it’s ultimately a simple process that begins with gathering some basic identifying documents and heading to your local finance department, such as the expert team at Key Chrysler Jeep Dodge Ram FIAT. Learn more from our guide on how to qualify for a car loan below.

Do I Need a Good Credit Score to Get a Car Loan?

One of the most common questions drivers ask when looking for a new or pre-owned vehicle is whether you can secure financing with less-than-perfect credit. While a “good” credit is a subjective term that varies by lender, a higher credit score can help you achieve a lower annual percentage rate (APR) on your loan. Most lenders will work with you to create an offer that will suit your needs, even if you have no credit to speak of. However, this likely means you could have a higher APR, require a larger downpayment to get favorable terms, and a cosigner might be required for you to get approved.

Qualifying for a Car Loan

To qualify for a car loan from any financial institution, you’ll need to present the following documentation:

  • Identification: Like with any loan or financial documentation, a photo ID is required, but in some cases you’ll also need to provide additional documents, possibly including a current bank statement, a current utility bill in your name or a credit card with an address that matches the one on your ID.
  • Proof of Income: Your proof of your income shows the lender that you’ll be able to make any and all payments. Bank statements and/or pay stubs should suffice in most cases, but it’s not uncommon for a lender to contact your employer to verify the information you’ve provided.
  • Proof of Insurance: Because auto insurance is required by law, it’s also required to get a car loan. While you can usually purchase insurance at or through your dealership, but you can also take care of that ahead of time. Our team just outside of Springfield is ready to help you with any of your financial needs.
  • Proof of Residence: In most cases, a current utility bill or a postmarked bank statement will serve as adequate proof of your address.

Planning on trading in your old vehicle to help finance your purchase? Make sure to have your car’s title and registration so you can prove ownership of the vehicle. Learn about other car-buying tips, like how to defer a payment, with Key Chrysler Jeep Dodge Ram FIAT.

Come to Key Chrysler Jeep Dodge Ram FIAT for Your Tailored Car Loan

Now that we’ve gone over how to get a car loan, it’s time to find the right vehicle and finance package for you to make those Springfield commutes that much easier! Here at Key Chrysler Jeep Dodge Ram FIAT, our team is prepared to walk you through every step of the way. Whether you want an in-person look at some of our pre-owned vehicle specials or have any further questions about the loan process, feel free to contact us in Xenia for all your local car needs. We can even help you learn about extended warranties while you’re here. Get all of the answers to your car-buying questions, like if car insurance covers the car or driver, when you visit Key Chrysler Jeep Dodge Ram FIAT.

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2020 N. Detroit St. • Xenia, OH 45385

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Key Chrysler Jeep Dodge Ram FIAT 39.7120915, -83.936812.