Questions to Ask To Get Approved For A Car Loan

It is important to understand the auto loan approval process. Listed below are important questions and answers to help you along the process of purchasing your new vehicle.

Important Things To Know About Auto Loans

One of the best advice to have in consideration if you are about to make the decision of purchasing a car is to be absolutely sure that it is actually within your budget. After that, is all a matter of requesting a pre-approved car loan. At Baron BMW when it comes to an auto loan, we excel to make the process as easy and transparent as possible; that is why we strive to provide you with the information you need to have a basic understanding of the overall process to get the car you are looking for, reducing any fear or frustration along the way.

5 Tips To Get Approved For Auto Loan

1) Can I Get Approved For A Car Loan If I’m Self-Employed or 1099?

Absolutely! If you are self-employed or an independent contractor (a ‘1099 employee’), all you’ll need to bring as proof of employment is the last three months’ of bank statements, the last two years of income tax returns, and your government issued ID.

2) Can I Get Approved For A Second Car Loan?

While it is certainly not impossible to get more than one car loan, there are several factors lenders look for when considering financing two or more vehicles at a time:

  • Your credit history
  • Your debt to income ratio
  • Whether you have a cosigner
  • How long you have had your current car loan

TFor more details, we recommend contacting the dealership financing manager to discuss specifics unique to your circumstances.

3) I’m A First Time Car Buyer, Do I Need A Co-Signer?

Co-signers are not mandatory for first-time car buyers. It really all depends on your credit history and income. That said, it’s never a bad idea to have someone in mind as a co-signer in case you do need one.

4) Can I Get A Car Loan After A Repo?

You may be surprised by this answer, but in most cases, it is possible to get approved for another car loan after you’ve had a repossession. You’ll most likely need a co-signer or a substantial down payment but there are always options for auto loan approval, even after a repossession. For more details, speak to the dealership’s financing manager.

5) Who Has The Best Rates; Car Dealers or The Bank?

In most cases, the car dealership’s interest rates are as good as, and sometimes even better than, the rates you’d get at a bank or credit union. Car dealers use the same banks you have access to, as well as other auto loan lenders. With the lending options, dealerships have available to them, you’ll actually have lenders ‘fighting’ over your loan instead of the other way around.

Conclusion:

By following and learning the answers to these question about car and SUV Loans, you’ll be set to make the best financial decision to get the car and loan that cover your expectations. It doesn’t harm to be prepared whenever you’re ready to buy a car. If you have any other questions call Baron BMW at (866) 689-6564. Apply to be Pre-Approved Online For New Or Used Auto Financing in MERRIAM KS.

5 Questions to Ask To Get A Car or SUV Loan in Baron BMW

How to Get Approved for Car Leasing | Baron BMW

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9010 Shawnee Mission Pkwy • Merriam, KS 66202

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Baron BMW

9010 Shawnee Mission Pkwy Merriam, KS

Phone: 913-722-5100

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Phone: 913-270-2513

9010 Shawnee Mission Pkwy Merriam, KS

Sales

Phone: 913-318-3634

9010 Shawnee Mission Pkwy Merriam, KS

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Phone: 913-270-2508

9010 Shawnee Mission Pkwy Merriam, KS
39.0161206 -94.6916291
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Baron BMW
Baron BMW
9010 Shawnee Mission Pkwy
Merriam, KS, 66202 US
913-722-5100
https://di-uploads-development.dealerinspire.com/baronbmw/uploads/2018/09/BaronBMWOGImage.png
Baron BMW 39.0161206, -94.6916291.