Auto Financing Tips
With prices averaging more than $20,000 for a new vehicle and $9,500 for a four-year-old vehicle, most consumers need auto financing or leasing to acquire a vehicle. In some cases, buyers use "direct lending" for their auto financing needs.
How much auto financing can I get?
Each auto finance application is evaluated individually. We respect and treat each prospective financing situation as if we were one on one. After you complete an application, you will be sent auto financing offers from up to four different national automobile financial institutions. That way you will know how much auto financing you have available before you go to the dealership. If you need an auto refinance loan, the rates will depend on mileage, credit score and age of the vehicle.
What kind of documentation do I need to get auto financing?
The auto financing documentation required varies from lender to lender. Every lender has specific requirements for auto financing documentation. However, the myAutoloan's streamlined qualification process minimizes the number of documents required. The actual documents you will need to provide will vary based on lender requirements, so most of the specific details will need to be discussed when you make your selection of the auto financing lender.
There is not an exact list of documents that might be needed for all applicants, but you may be asked to provide the following when seeking auto financing:
- Copy of current driver's license
- agreement to provide insurance
- personal references
- pay stub with current year-to-date earnings