How to Get a Car Loan

September 30th, 2021 by
Car Loan

 

Purchasing a new vehicle can be an exciting, yet nerve racking process. However, getting a car loan doesn’t have to be as daunting as it seems. If you’re wondering how the process works, read below for more information on how to get a car loan. We hope it will ease your mind and help you make your purchase successful!

Step 1: Check Your Credit Score

Before starting the purchase process at Ocean Honda, be sure to check your credit score for any discrepancies or errors. Your score has a large impact on how much you can borrow and the interest rate that comes with it: the higher the score, the more you’re allowed to borrow and the lower your interest rate. Typically, you can check your credit score once a year for free, but many people in Clearwater use companies like Credit Karma to check more often and for free. If you’d like to increase your score, make sure you are paying your debts on time and paying more than the minimum payment.

Step 2: Calculate Your Borrowing Amount

It’s important to know the general amount you’ll need to borrow before applying for a car loan. You can get this information relatively quickly and easily. First, go to the dealership website and find the initial price of the new or used car you want. Next, add the cost of the taxes, tag and title. You can find this information online according to your state. You’ll also want to determine a ballpark number for how much a warrentary will cost for your new vehicle. This can easily be found online, or by calling our finance team. Once you’ve totaled these numbers, you can subtract how much you’ll put towards your down payment. This final number represents the estimated amount you’ll need for your car loan. With this number in mind, you can apply for your loan!

Step 3: Apply

Now that you have all of the information, it’s time to apply for a car loan! We recommend that you apply to a few different places to make sure you’re getting the best offer. You can get a loan from a bank or credit union in Tampa, a large national bank or through the dealership. Some establishments will have special offers or deals depending on the holiday season or your membership status. You can also consider applying early and getting pre-approved for a car loan so when you’re ready to buy, everything is ready to go. Having multiple offers will help you make the best decision in terms of loan amount, interest rate and loan time.

Contact us Today in Port Richey!

We hope that the information above gives you a good foundation of how to get a car loan. If you have any additional questions, feel free to contact us and schedule an appointment!

 

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