Does getting an auto loan seem like a mountain you can’t climb? Does it seem scary or confusing? We understand. At Autoloan Credit Express, we help people get loans for the car, truck or SUV they need to earn a living – and just to live. We know many people haven’t even applied for a loan before, and others have tried but have been turned down. We want to help everyone, so here are some tips on how to apply for a car loan.

#1: Check your credit with our free credit report

The first step is to see where you stand, credit-wise. Just go to our Free Credit Report page, listed under “Credit Programs” on our website. In a few minutes, you can find out your credit score and it won’t cost a thing. If your credit score is high, that’s good news. Is your credit score in a disappointing lower range? At Autoloan Credit Express, we have special programs to help you get a car loan, even if you have bad credit or no credit at all.

#2: Understand what your credit score means

The higher your credit score, the better your chances of getting approved for a car loan. Here’s what the credit ranges mean so you can compare your own score:

  • 750 – 850: Excellent
  • 700 – 749: Good
  • 650 – 699: Fair
  • 600 – 649: Poor
  • Below 600: Bad

#3: Make a sizeable down payment – or save for one

Most lenders want to see a potential borrower make a down payment of about 10% of the price of the car. If you’re an applicant in a nearby community like Swansea or Seekonk, MA and have the cash to do that, it helps. It tells the lender you’re serious about paying off the loan and that you’ve already saved some money. Making a down payment will also help lower your monthly payments because it will mean you’re borrowing less.

#4: Pick a car you can afford

If you have excellent income and a high credit score, you probably have a lot of cars to pick from, and a car loan shouldn’t be hard to get. But if you’ve struggled with money and your credit score is low, find a car as reliable as possible that’s priced in an affordable range. The financing specialists at Autoloan Credit Express can help you figure out what your budget ballpark should be for a car so you can apply for a loan you can really afford.

#5: Calculate your monthly loan payment

Before you apply for a loan, find out what your loan payment will be with our “Calculate Your Loan” tool online under the “Finance” tab. Enter the price of the car, your down payment, the estimated loan interest rate (called “APR”) and the term, or loan payoff period, of your loan. Then you’ll see what your estimated monthly payment is. Pick a less expensive car or put more money down and your monthly loan payment goes down.

#6: Apply for a loan (And see us if you don’t get approved)

Fill out our financing application. Having a stable job and good income helps, of course. If your credit isn’t great, having a co-applicant can help. If you get turned down, read about our special financing programs. If you feel unsure or just want some help, talk to us at Autoloan Credit Express in Fall River, MA. We can help you get a car loan no matter what your credit score is.

Categories: Bad Credit Loans, Finance