What to Expect When Financing a Vehicle
What to Expect When Financing a Vehicle in Kennesaw, Canton and Holly Springs, GA, and Elmhurst, IL
Great news — financing a vehicle doesn’t have to be complicated! If you’ve made it this far in the car-buying process, the team at the Perrin Auto Group would love to help you ensure a smooth experience for the rest of your purchase. When it comes to financing, many customers get overwhelmed with the paperwork, number crunching and responsibility of owning a new vehicle, but our expert team is ready to help you navigate these steps with confidence. We’ve compiled a handy list of documents to gather and need-to-know information, so you’ll be well-prepared when it comes to financing a new or pre-owned vehicle. Ready to begin? Keep reading for more insight on what to expect!
What do I need to do beforehand?
Before you purchase a new or pre-owned vehicle, ask yourself these very important questions:
What’s my credit score?
The higher your score, the best chance you have of qualifying for a lower interest rate.
What are the interest rates lenders are offering?
Conduct your research into the market before you initiate the finance process. As a result of your efforts, you’ll gain more negotiating power, and if you’re pre-approved, you’ll be more likely to secure the interest rate you want.
What can I afford?
If you know your credit score and have an idea of the interest rate you’ll receive, use our online payment calculator to determine your monthly payments.
What documents do I need to bring?
Once you’ve decided on the vehicle you’d like to purchase or lease, these are the four key documents you need to bring to our office:
Proof of income.
We will need copies of your pay stubs from your last month’s income and a summary of what you’ve been paid to-date in the past year.
Proof of residence.
A mortgage statement or any personalized mail will count as proof of residence.
Credit and banking history.
Provide any information about your financial obligations or other outstanding loans. This can include mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.
Proof of insurance.
Bring a valid insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new purchase.
If you decide to finance with another lender and not our finance department, you’ll want to bring proof of your approved loan, too.
What determines my loan terms?
A number of factors play a role in determining your loan terms: your credit history, credit score, monthly income, current debt and whether you're in good standing with your insurer. In addition, your finance application will greatly influence the terms that our team can give you. Upon receiving your application, we conduct a credit check and ask you several income-related questions to determine your creditworthiness. Whether your credit score is outstanding or needs some improvement, don’t worry — our team has worked with customers from a wide range of credit backgrounds, so we’ll do our best to help you secure loan terms that you’ll be able to comfortably afford!
Let’s talk. If you’d like to purchase a new ride or want to know more about how to finance a vehicle, feel free to contact us or stop by one of our dealerships near Kennesaw, Canton and Holly Springs, GA, and Elmhurst, IL.