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How to Qualify for a Car Loan

Car Loan


Getting an auto loan represents a relevant way to own a vehicle. A lender will put up the money to purchase the vehicle from the dealer, and you’ll make regular payments until you pay the loan in full.



Wondering how to get a car loan around Lima? It may not be as hard as you think, so long as you’ve got some basic identifying documents and a down payment. That said, your credit history plays a role in the terms that you’ll get on your loan.

Read on to learn more about the basics of how to qualify for a car loan with the experts at our finance center in Defiance.

What Do I Need to Qualify for a Car Loan?

For starters, you should consider what anyone needs to qualify for a loan from any lender. Although your individual situation is unique, lenders require some basic information before qualifying for a car loan.

See what you need to bring with you:

  • Proof of Income: Looking to buy a car with financing help? You must prove your income so the lender has confidence that you’ll be able to keep up with monthly payments. In most cases, bank statements and/or pay stubs will suffice. In other cases, a lender may wish to contact your employer.
  • Proof of Insurance: Insurance is required by law. It’s also required to get a car loan. You can usually purchase insurance at the dealership, but it’s also something that you can take care of ahead of time with your insurance agent. You must bring proof of insurance with you before you sign on the dotted line.
  • Identification: You need to be able to prove that you are who you say you are. While required, a photo ID is often not enough. Bring a piece of mail with your name on it, such as a current utility bill in your name or bank statements with an address that matches the one on your ID.
  • Proof of Residence: Lenders need to have confidence that they can find you if needed. In most cases, a current utility bill serves as adequate proof of your address when qualifying for a car loan.

Additionally, if you’re trading in your old vehicle to help finance your purchase, bring that vehicle’s title and registration so you can prove ownership. Now you know how to qualify for a car loan with the documentation you have. But there is still one other factor in play.

Do I Need a Good Credit Score to Get a Car Loan?

While good credit can help you get a car loan with more favorable loan terms, like lower interest and a longer loan term, you could still secure financing with mediocre or even bad credit near Toledo.

What a bank qualifies as a “good” credit score can be subjective and varies by lender. Having a good credit history can help you secure a lower annual percentage rate (APR) on your loan. Many lenders will work with you if you have bad credit. However, you may need a co-signer or a willingness to accept a higher APR. You might also need a larger down payment.

How to Qualify for a Car Loan at Exceptional Motorcar

Take the first step and apply for financing ahead of making your used car purchase. Our team can help you secure the loan amount you need to get the used car, truck, or SUV of your dreams. Contact us or call (419) 785-8369, or make the short trip from Findlay to chat in person about securing the financing you need. We’re happy to help in any way we can!


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