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4 min read Published August 04 2022
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Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans, education tax benefits and student loans.
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If you’re in the market for a , the process may be daunting. However, if you’re equipped with information and are aware of the different processes involved, you’ll be able to simplify the process and make it easier. 1. Calculate your auto loan budget. The decision it’s not an easy one, especially considering that buying a car can be a major investment. The best way to answer that question, though, is based on your budget and your ability to repay the loan. Consider these three main steps. Find out your current and forecasted financial picture. Examine your earnings and how likely it is you will continue in your current job. If you’re planning to make a significant change coming up, take into account the change. Consider the full cost of owning. The cost of fuel, the fuel and costs that you will encounter must be factored in. Consider other costs. In order to make a financially sound decision, you’ll want to keep an eye on your budget and know the expenses outside of the car are, like other debt payments. 2. Examine your credit score The first step in getting approved for an auto loan is to review your for any errors. Incorrect entries like duplicate accounts, incomplete payment history , or incorrectly spelling names can all lower your credit score, causing the loan to be denied. Check your credit score A credit score can typically be obtained for free from your bank. This is generally your FICO credit score and is regularly updated. Not every credit score is in the FICO scale however. You must pay attention to the type of score you’re given. Examine your credit report credit report is more in depth that your score on credit. It lists each account you’ve held in the past seven years, as well as your payment history, how much you owe, and whether you’ve been declared bankrupt or sued. Credit reports are provided by the three credit bureaus that are the largest: Equifax, Experian and TransUnion. While you can typically only pull these reports directly from the credit bureaus once per year for free, you can currently pull them on a weekly basis for free using AnnualCreditReport.com. Check for errors Mistakes, like accounts that are shown as paid off even though they’re not, or payments that are reported incorrectly could affect your score on credit. Check your report to ensure that everything is correct. Be sure to make any modifications requested 30 days or more before you apply. It can take up to 30 days to decide on your request. Don’t open any new accounts. opening a new credit card can temporarily affect your score on credit. It’s better to hold off on opening additional accounts until after you have the auto loan, if possible. Limit your credit card use A high credit card balance can significantly affect your credit score. If you can do not add to any current credit balances, and instead make sure to pay cash. 3. Apply for auto loan preapproval You can get it done prior to going to the dealership. There is an excellent likelihood that you’ll receive a lower price than your preapproved one when you step into the finance department at the dealership. The reason is that dealerships charge a commission on any rates provided by lenders they work with. It is also a good way to find out exactly how much you will be in a position to get. You can also think of it as if you bought cash at the time you get to the dealer. It is recommended to apply for preapproval with more than three lending institutions to ensure you’re getting the most value for money. 4. Shop for your car The second step involves take the car for a test drive . Look up different that match your needs and go to car dealerships to test the cars. Meet with sales representatives and compare your options to understand what’s out there, just keep your total buying capacity close to your chest, since it’s crucial to negotiations. It’s essential to conduct investigation prior to getting on the dealership’s lot, though. With websites like Edmunds as well as Kelley Blue Book, you can look at different models and how much they’ll cost based on trim, model, make and even the location. If you’re thinking of trading with your carparticularly if you’re looking to buy a second-hand car take a look at online services such and . You could find lower rates than you could with dealers. 5. Finalize the auto loan After you’ve selected the right auto loan Check the terms of the loan. The lender might ask you to send in any required items, such as, prior to you agree on the terms and then sign the documents. Take the time to sign your auto loan documents. Once you agree on the terms, you must sign the documents. When you apply with a friend or co-signer, they should also confirm the signatures on your car loan documents. If you’ve received the auto loan from the dealer, the dealer will provide your auto loan contract with the contact details of the lender. Get the vehicle title and registration. It is essential to have your car’s title transferred directly to your lender and the vehicle’s registration changed to reflect your name, the dealer usually takes charge of this if purchasing from one. If not, you must work together with your seller as well as the DMV to update the necessary documents. Also, you’ll need proof of insurance. Take possession of the vehicle. After you’ve received your auto loan and have completed the sale you are able to be able to take possession of the car. The main point is that if you’re looking to purchase a brand new car, the financing process can be intimidating So, arm yourself with knowledge. And if you’re not sure what you can afford take a look at your credit score prior to making a decision to go to the dealership. Find out more
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Written by
The article was created using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down complicated subjects into digestible chunks.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized student financial aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans as well as tax benefits for education and student loans.
Nationally recognized student financial aid expert
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