How to Qualify for an Auto Loan

finance paperwork with tiny blue car on desk

If you live around Sarasota, and you’re about qualifying for a car loan because it’s your first time, or you haven’t done it in a while, Cox Chevrolet is here to help. We’re here to answer questions like, “What do I need to qualify for a car loan?”, and to generally walk you through the steps of how to get a car loan. If you have any questions along the way, don’t hesitate to reach out to our financiers in Bradenton.

What Do I Need to Qualify for a Car Loan?

When qualifying for a car loan, Tampa drivers should first gather a few materials that any lender will require with your application. They are as follows:

  • Proof of Income: You’ll need to bring bank statements and pay stubs to verify that you receive regular income from your employee. You should also bring contact info for your employer just in case.
  • Proof of Insurance: If you’re uninsured, you aren’t street legal. If you’re starting a new policy, you can usually purchase insurance along with your new vehicle at the dealership, but you have an existing policy, be sure to bring your policy statement.
  • Identification: You will also need to bring a photo i.d., as well as a current utility bill with your name and address on it. Make sure that whatever bill or statement you bring features the same address as the only featured on your i.d.
  • Proof of Residence: You’ll also need proof of residence. This can be your mortgage bill or a utility bill.

Credit Score and Interest Rates

Keep in mind that you’ll want to take a look at your credit score. You’ll be able to secure a loan, even if your credit score isn’t perfect, but your score correlated directly with the interest rate on your loan. If you have less than ideal credit, it never hurts to take a few months to work on improving your debt-to-income ratio in order to boost your score before applying for a loan, but we are happy to help you either way.

Have More Questions About How to Get a Car Loan?

If you have unanswered questions about qualifying for a car loan near Palmetto, give Cox Chevrolet a call at (941) 251-0310. We’ll walk you through any unclear steps about how to qualify for a car loan, and make sure you’ve gathered all the right materials. Do you have other questions about Chevy financing? Be sure to take a look at our car buying guides for information on how car financing works!

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