Traditional Banks Car Loans Should be the Preferred Choice

Step One - Check your Credit Report

Your credit-worthiness will give you the advantage when it comes to loan amount and interest rates. There are several resources to obtain your credit score.

Step Two - Gather your personal information

Gather all necessary information like your Driver's License/ Government ID, Social Security number, last 4 paystubs, W-2's, tax returns from previous years and references. Other additional information may be required.

Step Three - What amount of car loan can you afford?

  1. Determine how much of a down payment you can spare.
  2. Based on your budget how much can you allocate for a monthly payment.
  3. Decide number of monthly payments (36, 48, 60, 72).
  4. Use our calculator.

Step Four - Choose Your Lender

  1. Financing with the car dealer always will be the most expensive option.
  2. Shop around and apply at the institution you feel most comfortable with.
  3. Your local banks and credit unions are the best choice.

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