How To Get A Car Loan - 5 Things You Need to Know

Learning how to get a car loan should not be as complicated as most dealerships make it to be. Our financing team at Mercedes-Benz of Boerne is here to assist you all of the way. We will help clarify some questions for those wondering how to get approved for a new or used luxury car loan. Read on to find out the most common auto financing questions to ask your dealer.

How To Get Approved For Auto Loan

1: What Do I Need To Bring With Me To Get Approved For A Car Loan?

It’s always a good idea to come to the dealership prepared for the financing process with the following documents:

  • Valid Driver’s License
  • Proof of Income:
    • If you’re a W2 Employee you’ll need:
    • Recent paycheck stubs
    • If you’re a new employee, a proof-of-employment letter from your employer is a good idea
    • If you’re self-employed you’ll need:
    • Bank statements
    • Tax returns
  • Three to five personal references (name, address, phone number)

These are general documentation requirements. For answers more specific to your circumstances, the dealership’s financing team can answer all of your questions and concerns more accurately.

2: Can I Get Approved For A Car Loan After Bankruptcy?

Yes, it is possible to get a car loan approval even after bankruptcy, depending on a few factors:

  • Was the bankruptcy a Chapter 7 or Chapter 13 filing?
  • Has the bankruptcy been discharged or are you still in bankruptcy?
  • How was your credit history before filing for bankruptcy?
  • If you do not have a letter from your trustee, you should obtain one.

For a more detailed explanation of how you can get a post-bankruptcy car loan approval, we recommend taking advantage of the dealership’s financing managers’ auto financing expertise with a quick phone call (855) 449-9408. There’s no one better equipped to help you find the best ways to get approved, even after bankruptcy.

3: Who Has The Best Rates; Car Dealers or The Bank?

In most cases, the car dealership’s interest rates are as good as, and sometimes even better than, the rates you’d get at a bank or credit union. Car dealers use the same banks you have access to, as well as other auto loan lenders. With the lending options, dealerships have available to them, you’ll actually have lenders ‘fighting’ over your loan instead of the other way around.

4: Can You Get A Car Loan At The Dealership?

Absolutely! Dealerships have financing teams on site to help customers with everything they need to finance their vehicle. From their expert knowledge of all of the different financing programs and options to their extensive network of banks and credit unions (a.k.a.: “lenders”), the dealership finance team is perfectly equipped to provide you with everything you need to finance your new vehicle.

5: How Do I Get Approved For An Auto Loan?

Getting approved for an auto loan takes a lot of factors into consideration including your credit history report and your annual/monthly income. While there is not a one-size-fits-all process that will guarantee auto loan approval for everyone, these preparation steps can lower the difficulty level of the approval process.

To get a jump-start on the process, we recommend filling out the dealership’s online financing application before you make the trip to the dealership. When you’re ready to head to the showroom, be sure to bring the following:

  • Your valid driver’s license
  • Your proof of income (paycheck stubs and/or bank statements)
  • Most recent water or utility bill with current address on it
  • Three to five personal references (name, address, and phone numbers)
  • Your down payment (if needed)

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5 Car Loan Questions To Ask A Dealership | Mercedes-Benz of Boerne

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31445 I-10 West • Boerne, TX 78006

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Mercedes-Benz of Boerne

31445 I-10 West Boerne, TX

Phone: (855) 449-9408

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31445 I-10 West Boerne, TX

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31445 I-10 West Boerne, TX

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31445 I-10 West Boerne, TX
29.7915419 -98.7496179
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Mercedes-Benz of Boerne
Mercedes-Benz of Boerne
31445 I-10 West
Boerne, TX, 78006 United States
(855) 449-9408
https://di-uploads-pod8.dealerinspire.com/mercedesbenzofboerne/uploads/2016/08/boerne.jpg
Mercedes-Benz of Boerne 29.7915419, -98.7496179.