An Easy Guide on How to Finance a Car

How to Finance a Car

Paying thousands of dollars for a new car isn’t something most people can do out of their pocket. That’s why loans and financing are there to help, for a small “fee,” of course. While you’ll pay a little in interest, a loan is one of the only ways to pay for a new car out-of-pocket short of starting a life of crime. Here’s how to finance a car and what to expect when you walk into the dealership.

  1. To fill out applications, you’ll need your social security number, employer, income, expenses, rent or mortgage, and outstanding debt. You don’t need to know your credit score; lenders will run a credit check on their own.
  2. Once you’ve filled out applications, it’s time to submit. If you’re applying as an individual, you’ll need to submit each and every application. If you’re applying through a dealership’s finance department, the process is much quicker as you only need to fill out a couple of general forms. The finance department will then submit them on your behalf.
  3. Wait and Accept. After you’ve submitted all of the applications, it’s time to wait. Lenders will check your credit, review your application, then accept or reject you. When you receive loan offers, look over them carefully and choose the one that fits your financial situation.

We here at Schaumburg Mitsubishi have an amazing finance department that will do most the heavy lifting for you.

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