How to Get Preapproved for a Car Loan: 5 Tips to Follow
Cruising down the freeway in a new vehicle is a feeling like no other.
However, before you purchase another set of wheels, there are some vital steps to take. Your first order of business is to figure out how to get pre-approved for a car loan.
If you don’t know where to start, we’ve got you covered.
There once was a time when getting a loan for a car was challenging, but not anymore. Our duty is to make the buying process as painless as possible.
Here are a few tips to help navigate you through the steps:
1. Set a Budget
Before you do anything, it’s imperative to calculate your budget. This step allows you to figure out which car models are in your price range.
Start by writing down your monthly income, then subtract your current bills, and make an estimate based on what’s leftover. Also, leave room for unexpected bills and mandatory expenses like car insurance.
Once you know how much you can manage, start looking for vehicles that fit your budget.
Our team will provide a list of cars to help you, but it’s also good to know which models you really like.
Let’s face it, having a fancy car is nice, but having one that you can afford is even better!
2. Don’t Worry Too Much About Credit
Bad credit is no problem, so don’t sweat it; our in-house financing department provides subprime auto loans as well.
We understand that having a reliable vehicle is essential for everyday life. Therefore, we consider other factors like your debt-to-income ratio, the down payment amount, and trade-in value.
Not to mention, subprime auto loans can help you increase your credit score over time.
We don’t hold your past financial setbacks against you and will work diligently to get you in a car you’ll love!
3. Use Our Online Application
If you’re confused about how to get a car loan, don’t be. Applying for financing through our dealership is quick and easy.
It takes just a few minutes, and we only need a little bit of information to get the preapproval process started.
The good news is, this step can be done before you come into the dealership. That way, you’ll know your loan options before meeting with a team member.
Our Legend Auto Sales finance department is dedicated to making the car-buying process as smooth as possible for you.
Essentially, figuring out how to get preapproved for a car loan is as simple as filling out a short application.
4. Take a Look at Our Inventory
While you wait to hear back from our finance department, pick out your favorite vehicles.
Our online inventory has a vast variety of cars, trucks, and SUV’s to choose from.
Creating a list of car models will help us narrow down the best options once we contact you.
Our dealership has the best selection of automobiles in Burien, WA—including cars under $15,000. So, if you’re looking to buy for a teenager or get a second car, there are several options for you!
5. Sell Us Your Car
Trading in your car to Legend Auto Sales is another excellent financing option.
If you’re looking to upgrade your current model, let us help you. Cars are our business, so we know what we’re doing.
Our trusted appraisers are here to provide a fair quote that you can rely on. Not to mention, we offer 110% of Kelly Blue Book’s trade value.
We service the Seattle area, so don’t hesitate to visit us today. There’s no appointment needed!
How to Get Preapproved for a Car Loan: More Options
Our goal here at Legend Auto Sales is to get you a new car as effortlessly as possible. But, we also understand that it’s good to have options—especially if you’ve faced financial challenges before.
As stated previously, our finance team works hard to ensure that all customers have peace of mind and reasonable loan offers.
If you’re wondering how to get an affordable car loan, there are some other choices to consider. For starters, paying a larger down payment helps to decrease the price of your car note.
Therefore, it’s a good idea to think about adding an extra $1,000 or more, so your monthly bill will be more manageable. This option is especially helpful for those who have less than fair credit.
Next, consider getting a co-signer. If there is someone in your life who is willing to assist you, then, by all means, use their help. There are many advantages to having a co-signer, and partnering with someone else could benefit you long term. Plus, we are more than happy to help you and anyone you choose to co-sign with.
Car Buying Made Easy
Purchasing a car is a huge decision and shouldn’t be taken lightly. But now that you know how to get preapproved for a car loan, the process should seem less complicated.
There’s no need to become nervous when it’s time to buy another vehicle. Our team members are experts at getting you into another car with no hassle.
The biggest hurdle is organizing your finances, and once we’ve done that, you’re in the clear. Again, Legend Auto Sales is more than willing to help, even if you have bad credit.
Listen, getting a car loan doesn’t have to be a headache, and neither does finding a good dealership. So, if you’re in the market for a used car, don’t hesitate to contact us.
Or even better, stop by and give us a visit. We’re located in Burien, Washington, just south of Seattle.
Our inventory includes an extensive collection of gently used cars and trucks to suit every style and desire. Plus, we have one of the largest pre-owned selections in Washington, so there’s plenty to choose from.
We look forward to seeing you soon!
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