How to Qualify for a Car Loan

Have you been wondering, “What do I need to qualify for a car loan?” Fortunately, learning how to get a car loan is a fairly straightforward process when you work with the experts in our Edwards Chevrolet Co., Inc. finance department. With the right set of documents, learning how to buy a car and qualifying for a car loan can be a breeze. With that being said, your credit history will have an impact on your ability to get a favorable loan.

However, here at Edwards Chevrolet Co., Inc. near Gardendale, we are well-experienced in helping our Hoover neighbors learn how to qualify for a car loan, regardless of credit history. Find the answer to “What do I need to qualify for a car loan?” below!

What do I Need to Qualify for a Car Loan?

Qualifying for a car loan starts with gathering the right information. In order to learn how to get a car loan, you must first be able to produce the following:

• Proof of Income:In order to inspire confidence in your lender, providing proof of income is essential. Most often, bank statements or pay stubs will be sufficient, but a lender may choose to also contact your employer.

• Proof of Insurance: Automotive insurance is a legal requirement and is necessary to secure an auto loan. You can almost always purchase mandated insurance through the dealership, but you can also shop for policies ahead of time.

• Identification: In order to prove your identity, a photo ID and corroborating documents are often required. Bills or bank statements that feature your name and address will likely do just fine.

• Proof of Residence: If you bring a utility bill to corroborate your identity, it can also serve to prove that you live where you claim!

If you plan to trade in your old vehicle to help offset the cost of your upgrade, you will need the title and registration as proof of ownership.

Do I Need a Good Credit Score When Qualifying for a Car Loan?

While a strong credit score is ideal when attempting to finance a vehicle, our Bessemer customers have seen great success financing with us while having a poor or non-existent credit history! The qualifications for a “good” credit score can be quite subjective and will vary from lender to lender, however, a strong score will help you secure a lower annual percentage rate (APR) on your loan. If your credit is a concern, consider a close friend or family member as a cosigner for added assurance.

How to Get a Car Loan: Come to Edwards Chevrolet Co., Inc.!

Now that you know how to qualify for a car loan, you can apply for financing with Edwards Chevrolet Co., Inc.! We can help you sign on an affordable loan so you can secure the keys to a new-to-you car you will be sure to love! Contact us to learn more about auto loans, credit score qualifications, the best place to get a loan, or to find out about all of the services we provide.