You don’t just have to buy a new car with an auto loan, you can buy used cars too. Not as many people realize that as we though, so today we’re going to explain how to get a loan for a used car.
We asked our auto loans team to outline the process of financing a loan for a used car in Port Colburn.
Loan for a Used car in Port Colburn
If you don’t want to buy a brand new car with your auto loan, you don’t have to. You can buy a used car in almost exactly the same way.
If the makes and models of car you like are all used or you want to stick with gas and not go hybrid or EV, buying used is a simple way to keep driving a gas car.
Buying used is also cheaper and you can let someone else worry about that initial burst of depreciation.
The buying process is exactly the same as buying a new car. The rates are sometimes higher though. You’ll need to buy from a dealership with an auto loan, but that’s the same as buying new.
Used car buying process
Buying a used car is the same as buying new except you have a more limited range and cannot specify your car with extras.
Set a budget
Setting a budget is a fundamental for any car purchase. You need to know how much you can afford and how much you can afford to borrow and repay before going car shopping.
That way, you are working with facts and figures before emotion gets in the way, which can help you stay on track.
Use a car loan calculator, use car loan prequalification and play around with the numbers until you find an amount and a loan term you’re happy with.
Prepare the loan paperwork
You’ll need to prove everything you say within an auto loan application. You’ll need to prove your identity, your address, time at your address, prove you have a steady job, prove all your income, prove you have savings if you have any and prove any other assertion you make.
That means bank statements, salary statements or pay stubs, statements of other income, formal letters with your name and address, tax returns and perhaps other paperwork.
Aim to provide 3 months’ worth of financials for a loan application.
Contact Dixie Auto Loans
Once you know what you want, have all the paperwork to prove whatever you say on an application and have numbers in mind, it’s time to call in the experts.
We can help with your application, select from our wide pool of lenders and make sure your application stands the best chance of success.
We can also make recommendations, provide advice or help and full support for your loan application. 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 loan for a used car in Port Colburn today!
For any questions or concerns, please don’t hesitate to contact us here!