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

Want to Know – Auto Loan Questions

Click a question, get an answer

• What Do I Need To Bring With Me To Get Approved For A Car Loan?
• Can I Get Approved For A Car Loan After Bankruptcy?
• Who Has The Best Rates; Car Dealers or The Bank?
• Can You Get A Car Loan At The Dealership?
• How Do I Get Approved For An 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.