How to Qualify for a Car Loan

If you don’t know how to qualify for a car loan in Milledgeville but you’re in need of a new vehicle, we know you might be getting a bit nervous. Qualifying for a car loan doesn’t have to be intimidating when you work with the finance department at Five Star Mazda! Ask one of our financial experts, “What do I need to qualify for a car loan?” and you’ll get a personalized answer that considers your financial situation in McDonough. Find out how to get a car loan with Five Star Mazda, then use our monthly payment calculator to start the work on your auto budget.

What Do I Need to Qualify for a Car Loan?

When considering how to get a car loan, you should consider the things that anyone needs to qualify for a loan from any of the financial institutions out there:

• Proof of Income: If you are looking at buying a car with financing help, 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. In most cases, bank statements and/or pay stubs will suffice, but in some cases a lender may wish to contact your employer.

• Proof of Insurance: Insurance is required by law, 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.

• Identification: You need to be able to prove that you are who you say you are. 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 an address that matches the one on your ID.

• Proof of Residence: Lenders need to have confidence that they can find you if needed. In most cases, a current utility bill will serve as adequate proof of your address.

Additionally, if you’re trading in your old vehicle to help finance your purchase, you will need that car’s title and registration so you can prove ownership of the vehicle. That’s how to get a car loan for less!

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

While good credit can help you get a car loan with more favorable loan terms, you’ll often be able to secure financing with mediocre or even bad credit. While what qualifies as a “good” credit score can be subjective and varies by lender, having a good credit history can help you secure a lower annual percentage rate (APR) on your loan. Even if you have bad credit, though, many lenders will work with you, though you may need a co-signer or a willingness to accept a higher APR.

Save on Your Next Auto Loan at Five Star Mazda

Of course, you already know how to qualify for a car loan in Macon: start when you apply for financing with Five Star Mazda! We make qualifying for a car loan easy with our network of lenders who work with a variety of credit scores. Contact us with your questions about how to qualify for a car loan, and we’ll gladly help you find the best way for your finances.