For most individuals, when it's time to update their vehicle for a more a reliable model, taking out a loan to finance the purchase is the most convenient way to go. At Auto Outlet of Tacoma, based in Tacoma, WA, the most common questions they receive from customers are about the car financing process and how it works. Below, they set record straight by answering your most frequently asked questions.
Top 4 Car Financing FAQs
Where Should I Apply for an Auto Loan?
You can apply for a loan either through your dealership or directly with the lender. Dealers typically offer more financial options because they work with multiple lenders. This arrangement is particularly beneficial if you have subpar credit, as your financing specialist will be well-informed about which lenders have lower approval criteria.
What Do I Need to Apply for Car Financing?
To apply for car financing, you'll need to provide personal details like date of birth, social security number—for credit score access—and information regarding where you live and how much you pay for your mortgage or rent. You'll also need to provide employment information to verify your level of financial security as well the make, model, and year of the style of vehicle you want to purchase.
Can I Use My Trade-In as a Down Payment?
You can use your trade-in car as all or part of your down payment. In fact, this can increase your chances of approval for financing, as the total amount loaned will be less. It will also decrease your monthly payments.
How Much Will My Car Payment Be?
Your monthly car payment is determined by the amount borrowed, length of the repayments, and your interest rate. You can utilize an online payment calculator to estimate your monthly costs and help you determine your budget.
If you're in the market for a high-quality, pre-owned car, truck, or SUV, stop by Auto Outlet of Tacoma for a wide selection of reliable vehicles. Since 2001, this independent used car dealership has earned a reputation for honest, dependable, and friendly service. Along with their on-lot options, they also provide maintenance and repairs services at competitive rates. Apply for car financing today on their website, or schedule an in-person appointment with their financing department by calling (253) 473-1900.