Everything You Need to Know about Financing Your New Vehicle

Whether you are purchasing your first vehicle, or if you have  purchased multiple vehicles in your lifetime, something that can be very confusing about the process is getting financed. If you do not plan to purchase your vehicle with cash, an auto loan will be your only option. There are options when it comes to getting an auto loan and this blog will help you through that process and get you on the road in your new car quicker!

Check Your Credit

The first step in getting an auto loan in Wilson, NC is to check your credit score. Your credit score will affect how much money any lender will be willing to loan you. It will also affect the rates that you have to pay on the loan. Other factors that could possibly be taken into account include your age, level of education, and employment status and history.

Set A Budget

Your transportation costs should be about 18 to 20 percent of your monthly income. You must consider transportation costs include your auto loan payment, insurance, fuel, and any necessary maintenance your car may need. You may also want to use an online loan calculator to figure out how much of a loan you could potentially get based on your credit score, income, credit history, your current income, and other factors. Auto dealers such as The Auto Store Group offer simple financing and an online loan calculator so that you may know exactly how much you will have to spend when picking out the vehicle you want.

Gather the Information Needed to Apply

In order to apply for an auto loan there will be information that the lender will need to be able to process your application. Usually it is a very quick process to apply for an auto loan, but things will progress even more quickly if you have all the necessary documents. You will need to provide basic identification information such as your social security number and your driver’s license number. Additional information you may need to provide may include employment history and other financial information such as credit cards and any debts you currently have.

Once you have taken these steps the lender will provide you with the amount that your auto loan has been approved for. Once you have this information you will be able to select the perfect vehicle for you, whether that be a new or pre-owned vehicle. If you are looking for an auto loan in Wilson, NC look no further than the The Auto Store Group. The Auto Store Group has 4 locations with a huge inventory that you can browse online! The Auto Store Group is your one stop shop for auto loans and vehicles in Wilson, NC! Contact us for more information!