People can definitely qualify for a car loan when retired, as long as your income is sufficient to pay for it. Most lenders don’t care where your income comes from. As long as it’s legal, steady and sufficient to repay the loan, all other things being equal, you’ll qualify for one.
Our Delhi auto loan experts explain financing a car loan when retired.
Car Loan When Retired In Delhi
You’ll be pleased to know that the auto loan application process is almost exactly the same as it was when you were employed.
As long as you have sufficient credit score for the amount you want to borrow, have sufficient income to make the payments and can prove it, you should be fine.
Do your research
First you should check your credit history and credit score. You’ll need to know your credit score to see if you could qualify for the loan.
If you have paid everything off in your life and don’t use credit, your score may not be as high as you think. If that’s the case, get a credit card and use it for daily expenses. That way, you begin using credit and making payments, two things that help increase your score.
Put together a down payment
If you have a trade in or down payment, now is the time to assess its value. Set aside a fixed amount for your down payment or have your car valued for trade in.
Both should give you a figure to use in your calculations.
Set a budget
Using your credit score and down payment/trade in, you can now begin to calculate how much you could comfortably borrow. Use an online auto loan calculator to give you an idea of rates and amounts and come up with a figure you’re comfortable with.
We recommend only researching cars once you have a budget. If you’re anything like us, you’ll fall in love with cars way outside your budget so having a fixed amount in mind should help.
Read reviews, check used car values and do whatever you need to do to find a suitable car.
Prepare the Delhi auto loan application
Now is the time to get your paperwork together and get prequalified for the loan. You’ll need 3 months’ bank statements, proof of your pension and other income, proof of ID and of your address.
Once you have those things, you can get prequalified for the loan to see if all your work so far pays off. Prequalification is like getting a quote. It uses minimal information to give you an idea whether you could qualify for the loan or not and provides a ballpark interest rate.
Prequalification doesn’t impact your credit score so won’t affect your application.
Once you’ve done all that, it’s time to contact our Delhi auto loan team. We can help find you a great deal on a loan, help you prepare your application and even help with preapproval.
It’s all part of the service!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!