How to Qualify for a Car Loan

When it’s time to purchase a used car for commuting in the Chicago area, you might be concerned about how to get a car loan, and asking, “What do I need to qualify for a car loan?” Don’t be intimidated by the financing process – let the finance team at Muller Honda Pre-Owned help you understand how to secure the financing you need below.

Qualifying for a Car Loan: What Do I Need?

When you’re qualifying for a car loan, you will need some basic information that most Arlington Heights drivers will have at the ready. That info includes:

• Proof of Income: You’ll need to be able to prove your income so the lender has confidence that you’ll be able to keep up with payments. Bank statements that show employer direct deposits or pay stubs usually work, but in some cases a lender may wish to contact your employer.
• Proof of Insurance: Liability insurance is required by law for owning a car, and it’s also required to get a car loan. You can usually purchase insurance at the dealership, but it’s also something that you can take care of ahead of time. If you do, bring your current insurance card.
• Identification: While required, a photo ID is often not enough. You’ll likely also need corroborating documents such as a current utility bill in your name or current bank statements with your name and address as it appears on your ID.
• Proof of Residence: Lenders need to have confidence that they can find you if needed, and that you’re in a stable living situation. A current utility bill will serve as adequate proof of your address.

If you’re trading in your old vehicle to help finance your purchase, you will need that car’s title and registration.

Do I Need a Good Credit Score to Get a Car Loan?

Gurnee lenders don’t necessarily require a great credit score when qualifying for a car loan. However, the better your credit score, the lower your interest rate will be.

Get Your Car Loan at Muller Honda Pre-Owned!

Learn everything you need to know about financing a car and how to qualify for a car loan with Muller Honda Pre-Owned. Check our car buying tips for everything you need to know.

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