Below are the five basic steps you are likely to follow in the process of seeking a loan for your new car:
i. Find Out What You Can Afford
To determine what you can really afford, work out a realistic budget that will tell you what you can pay in terms of a monthly payment. Also, you need to decide how quickly you can pay off your loan in order to determine the tenure of the loan. Then, determine the amount of the down payment you can make. All these things will tell you which car you can afford to buy.
ii. Check Your Credit Score
It’s important to check where exactly you stand in terms of your credit score when you are planning to secure a car loan. It will tell you whether or not you are eligible to apply for financing. Bear in mind, the higher your credit score, the better chance you have to secure a car loan at a lower rate.
iii. Find the Best Loan Deal
This is crucial since rates and terms vary, sometimes greatly, between financial companies or banks. So it’s important to find the best loan deal before you head out to shop for a car.
iv. Get Your Loan Application Approved
Submit your loan application with the required documents to the bank or financing company you are looking to borrow from. The main thing financing companies will consider when you apply for a car loan is whether you have the means to repay your debt. If you meet their requirements you won’t face any problem in getting your loan application approved.
v. Shop for Your Vehicle
Once your loan gets approved, you can shop for your car by visiting auto dealers in your zone. Do not settle for a car that doesn’t meet your expectations. When you find your dream car, let your financing company or bank know the make, model, year and Vehicle Identification Number. Furthermore, you need to buy car insurance as swiftly as possible.
Note: Mind you, though you will own the vehicle at the end of a loan, you will still end up losing the same amount of value in the car as if you had leased it. The only reason you get to keep the car at the end of a financing tenure is you have paid extra money every month to repay the principal amount.
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