How to Get a Car Loan

Posted: Wednesday, December 19th, 2018

If you’re wondering how to qualify for a car loan around St. Louis, you can rest assured that it’s not difficult as long as you have some basic identifying documents. You should also know your credit score — while you can certainly get a loan with bad credit or guaranteed financing, the terms of the agreement will likely be more favorable with a higher credit score.

What Do I Need to Qualify for a Car Loan?

No matter where you’re applying in Florissant or elsewhere, qualifying for a car loan will require a few basics:

  • Proof of Income: This is the most basic element of qualifying for a car loan — you’ll need income to make your monthly payments, and lenders will want some kind of proof that you have regular income. Bank statements or pay stubs are usually enough, but some lender may wish to contact your employer.
  • Insurance: The law mandates that you must be insured to drive, so it follows that you’ll need auto insurance before you qualify for a loan. You can either buy insurance ahead of time or at the dealership when you buy your vehicle.
  • Identification Card and Documents: While a photo ID is good enough for lots of things, you’ll need a bit more than that to get a car loan. In addition to your ID card, you’ll need some corroborating documents — a utility bill or a current bank statement could work, but the name and address on them will need to match the one on your ID card.
  • Proof of Residence: You’ll need to be able to prove that you live where you say you do, so you’ll need a current utility bill or something similar with a name and address that matches those on your ID.
  • Title and Registration: If you’re trading in a car to help cover the cost of your new one, you’ll also need the title and car registration of the vehicle you’re trading.

It’s important that all of the information you provide for your car loan is factual. If any mistakes are made, you might end up with a car loan that gets approved and then denied after you’ve already purchased the car.

Is a Good Credit Score Required to Qualify for an Auto Loan?

“Have good credit” is not the only answer to “How to qualify for a car loan?” It can certainly be helpful for getting better loan terms, but it’s also very possible to to secure auto financing with bad credit or even no credit history. In some cases, you may need a cosigner.It’s also important to consider that different lenders have different qualifications for what constitutes “good” credit.

Satisfied customer of Green Light Auto Credit

How to Qualify for a Car Loan: Contact Green Light Auto Credit!

We’re committed to helping drivers in Herculaneum and the greater St. Louis area get the financing help they require to get the vehicle they need. Contact us online to learn more about how we can help.

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