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Car Loan FAQs

Q: What do I need to fill out a credit application?

A: Consumers planning on getting an auto loan through a financial institution, like a bank or credit union, will need to fill out a credit application. To do so, you’ll need your social security number, date of birth, occupation, income, any debt obligations, like credit cards, and employment information. While having your credit score might offer some peace of mind, lenders will order a credit report on their own.
Q: How do I get a low-rate car loan?

A: If you want a low-rate car loan, you’ll need to have a high credit score. Lenders determine what annual percentage rate to offer you based on your credit history. Those with high credit scores will enjoy lower rates and vice versa.

Maintaining a positive credit history, making payments on time and in full, and keeping the amount you owe fairly low will help improve your credit score. Additionally, a high credit score increases the odds a lender will approve you for an automobile loan.
Q: How do I get pre-approved for a car loan?

A: Getting pre-approved for an auto loan isn’t a bad idea, provided you have the time. Unlike applying through a dealership’s finance department, getting pre-approved means filling out individual applications for each lender. Applying through a dealership means you fill out just one application which is then sent to multiple lenders at once.

As though taking more time isn’t enough, submitting credit applications to multiple lenders over a long period of time can have a negative impact on your credit score. Lenders will perform hard credit inquiries. Too many inquiries in a short period of time could hurt your credit score, resulting in higher interest rates.

Consult a finance expert at Gateway Easy Auto Credit Help to ensure you get the best deal possible!
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