Our auto loan process is fat and hassle-free, and it begins with your decision to purchase either a new car or a pre-owned car.
Car Loans of America car loan process is in three simple stages:
- Apply for the car loan
You can apply for the car loan online or over the phone. To apply, you will provide us with some of your personal information. Our online auto loan application process takes only a couple of minutes to complete, and you will receive a decision from us almost immediately you submit your application.
Application for auto loans with us is open to everybody – no credit limitations or car type/age restrictions whatsoever.
Our instant decision comes with a non-obligatory preapproval, valid for 30 days. And if you are satisfied with what we offer, you can then proceed to any of our designated car dealerships.
It is easy to apply for a car loan with us. However, before you apply, you need to do two things:
- Decide the cost of car you can easily afford
- Check your credit
With our auto loan calculator, you will be able to reach a reasonable loan amount that you can comfortably pay off. This loan amount will depend on the cost of the car, as well as other additional expenses that comes with buying a car. The car loan calculator also gives you an idea of how much your monthly payment will be.
Although you can get a car loan with bad credit, it is important that you review your credit history to check for any error that may hamper your chances of getting the best car loan deal.
- Approach the dealership
You visit the dealership with your preapproval in hand. The preapproval stands as a quote that gives you the confidence of cash buyer. But before you visit the auto dealer, you need to do the following things:
- Find out what the auto loan terms are
- Go through the recommended dealerships
- Be prepared to negotiate other options
The approval for a car loan comes with the loan document that contains the loan terms, conditions, and guidelines. The loan document also contains a list of selected car dealers near you that we work with. We work with a huge collection of dealerships that offer a wide range of car makes and models. Going through these papers equips you with the right information for making a better decision.
If you must get the best deal on in an auto loan, then you must be ready to negotiate. Negotiation gives you the chance to beat down the price of the car you want to buy. Hence, you must be certain of the choice car or vehicle you have in mind.
If you already have a car, then you may consider the trade-in option where you can trade in the value of the car to support the purchase of the new one. You can also decide to sell off the car yourself to raise cash to make a down payment.
- Shop for your car
This stage summarizes the car purchase process, and the preapproval in hand gives you the power to shop for your choice car or vehicle. Choose a car that suits your style, take a drive-test if possible to be sure that you are getting the best deal.
After making a choice of the car you need and a proper negotiation, close the deal by signing the auto loan agreement. Finally, you will have to visit the Finance and Insurance office to finalize the car purchase related paperwork.
Car Loans of America is here to help you and work with you throughout the auto loan process. Get in touch with us today. We have the right advice and assistance for you.