Questions to Ask To Get Approved For A Car Loan

It is important to understand the auto loan approval process. Listed below are important questions and answers to help you along the process of purchasing your new vehicle.

Important Things To Know About Auto Loans

One of the best advice to have in consideration if you are about to make the decision of purchasing a car is to be absolutely sure that it is actually within your budget. After that, is all a matter of requesting a pre-approved car loan. At BMW of El Paso when it comes to an auto loan, we excel to make the process as easy and transparent as possible; that is why we strive to provide you with the information you need to have a basic understanding of the overall process to get the car you are looking for, reducing any fear or frustration along the way.

5 Tips To Get Approved For Auto Loan

1) How Do I Get Approved For An Auto Loan?

Getting approved for an auto loan takes a lot of factors into consideration including your credit history report and your annual/monthly income. While there is not a one-size-fits-all process that will guarantee auto loan approval for everyone, these preparation steps can lower the difficulty level of the approval process.

To get a jump-start on the process, we recommend filling out the dealership’s online financing application before you make the trip to the dealership. When you’re ready to head to the showroom, be sure to bring the following:

  • Your valid driver’s license
  • Your proof of income (paycheck stubs and/or bank statements)
  • Three to five personal references (name, address, and phone numbers)
  • Your down payment (if needed)

2) Should I Apply For A Car Loan Before or After Picking Out A Car?

The answer to this question really depends on whether you want to be pre-approved for a specific dollar amount or if you’re looking for financing on your dream car. Whichever you prefer, the dealership financing team is ready to help you throughout the financing process.

3) Can I Get Approved For A Car Loan If I’m Self-Employed or 1099?

Absolutely! If you are self-employed or an independent contractor (a ‘1099 employee’), all you’ll need to bring as proof of employment is the last three months’ of bank statements, the last two years of income tax returns, and your government issued ID.

4) I’m A First Time Car Buyer, Do I Need A Co-Signer?

Co-signers are not mandatory for first-time car buyers. It really all depends on your credit history and income. That said, it’s never a bad idea to have someone in mind as a co-signer in case you do need one.

5) Who Has The Best Rates; Car Dealers or The Bank?

In most cases, the car dealership’s interest rates are as good as, and sometimes even better than, the rates you’d get at a bank or credit union. Car dealers use the same banks you have access to, as well as other auto loan lenders. With the lending options, dealerships have available to them, you’ll actually have lenders ‘fighting’ over your loan instead of the other way around.

Conclusion:

By following and learning the answers to these question about car and SUV Loans, you’ll be set to make the best financial decision to get the car and loan that cover your expectations. It doesn’t harm to be prepared whenever you’re ready to buy a car. If you have any other questions call BMW of El Paso at (888) 866-3672. Apply to be Pre-Approved Online For New Or Used Auto Financing in El Paso.

5 Questions to Ask To Get A Car or SUV Loan in BMW of El Paso.

How to Get Approved for a Car Loan | BMW of El Paso

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6318 Montana Ave. • El Paso, TX 79925

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BMW of El Paso

6318 Montana Ave. El Paso, TX

Phone: 915-778-9381

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6318 Montana Ave. El Paso, TX

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6318 Montana Ave. El Paso, TX

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6318 Montana Ave. El Paso, TX
31.7881173 -106.407489
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BMW of El Paso
BMW of El Paso
6318 Montana Ave.
El Paso, TX, 79925 US
915-778-9381
https://di-uploads-development.dealerinspire.com/bmwofelpaso/uploads/2018/09/BMWofElPasoOGImage.png
BMW of El Paso 31.7881173, -106.407489.