Learn How to Qualify for a Car Loan in Cary

Qualifying for a car loan may seem impossible at times, but with the help of a supportive team like Hendrick Dodge Cary, you’ll be on your way to getting the vehicle of your dreams before you know it! Whether you’re a first-time buyer or you’re worried about a bad credit score holding you back, the friendly associates in our finance center are here to help you on your car financing journey. In the guide below, Apex car-buyers will learn how to qualify for a car loan, including exactly what is needed to qualify for a car loan.

What Do I Need to Qualify for a Car Loan?

No matter where they stand financially, there are a few things that any car-buyer in Carrboro will need to provide when qualifying for a car loan:

• Income Verification: You will need to prove that you have reliable income so the lender knows you have the funds available to make your monthly payments. Typically, a lender will accept a bank statement or pay stub as sufficient proof, but some lenders may request contact with your employer as well. 
• Proof of Auto Liability Insurance: Just as liability insurance is a legal requirement for every Chapel Hill driver, it’s also a requirement when qualifying for a car loan. You can choose to get car insurance on your own before you apply for the loan, or if you’ll be financing with a dealership, they can usually help you purchase an insurance plan, too.
• State-Issued Identification & Supporting Documents: You’ll need to prove your identity with a state-issued current photo ID and a supporting document like your most recent utility bill or bank statement containing a name and address that match your ID.
• Proof of Address: Why would a lender want to know where you reside? If you were to stop making payments, they need to know where they can reach you. Your last utility bill should be an acceptable proof of address in most cases.
• Trade-In Documents, if Applicable: If you intend to trade in your old vehicle to use the value toward your down payment on a new vehicle, you’ll need to have its title, registration, and loan payoff papers. 

How to Get a Car Loan: Is Good Credit a Necessity?

In your research on how to get a car loan, you’ve probably read a lot about credit scores. So what’s the truth? Do you have to have a good credit score to get approved? A good credit score will certainly help you gain access to the best interest rates and payment plans. However, there are plenty of lenders that are willing to work with customers who have bad credit and, in some cases, even no credit. If you are worried about bad credit, securing financing through a dealership like Hendrick Dodge Cary is a great way to get connected with lenders. We even have credit assistance programs that can help you secure a financing plan that works for you!

Get Qualified for a Car Loan at Hendrick Dodge Cary!

As a dealership in the Hendrick Automotive Group, Hendrick Dodge Cary works hard to help our customers secure the new vehicle that’s perfect for them at a price that suits their budget. Apply for financing to get pre-approved with us when you’re ready! Whether your credit is good, bad, or somewhere in between, we are here to help.