What to Expect When Financing a Vehicle in Irvine, CA
What to Expect When Financing a Vehicle in Irvine, CA
If you’ve decided on the new or pre-owned model from one of our many dealerships at the Irvine Auto Center, congratulations! It’s a big commitment, and to help you celebrate, we’d love to speed you through the financing process so that you can enjoy your new model. Many buyers, especially first-timers, get overwhelmed with the numbers and forms needed, but you can rest assured that we’ll be with you every step of the way. In fact, we’ve already collected this list of to-dos, documents to bring and terms to know ahead of time so that you come to our finance offices prepared. Besides our eye-catching rates and specials, we’re confident that the best part of financing your model with us is our customer service. Ready to get started? Keep reading.
What do I need to do beforehand?
Before shopping for your next new or pre-owned model, ask yourself these questions:
- 1. What’s my credit score? The higher your score, the best chance you have of qualifying for a lower interest rate.
- 2. What are the interest rates lenders are offering? Research several institutions before starting the finance process. You’ll make a stronger case in negotiation and, if you’re pre-approved, you’ll be more likely to secure the interest rate you want.
- 3. What can I afford? If you know your credit score and have an idea of the interest rate you’ll receive, use an online payment calculator to determine your monthly payments.
What documents do I need to bring?
When you’ve decided on the vehicle you want to purchase or lease, these are the four primary documents to bring with you to the office.
- 1. Proof of income. We will need copies of your pay stubs from your last month’s checks and a summary of what you’ve been paid to-date in the past year.
- 2. Credit and banking history. Any information about your financial obligations or other outstanding loans are needed. Mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.
- 3. Proof of residence. A mortgage statement or any personalized mail will count as proof of residence.
- 4. Proof of insurance. Bring a valid insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new car.
And if you decide to finance with another lender and not through one of our many finance departments, you’ll want to bring proof of your approved loan, too.
What determines my loan terms?
A number of things — your credit history, credit score, income, present debt and whether you’re in a good standing with your insurer. Our dealerships’ finance applications also have a big say in the terms that they’ll be able to give you. Once you’ve submitted your completed application, our team will run a credit check and contact you. We’ll ask a few income-based questions to determine your credit-worthiness, and after negotiating, we’ll both settle on your loan terms.
Remember, the better your credit score, the better your terms. Not satisfied with your credit score? Don’t shy away — while your options may be narrowed, our team of friendly finance experts will work with any credit history. Complete your application when you visit one of our dealerships’ websites today!
Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance in Irvine, CA, drop by the Irvine Auto Center at 30 Auto Center Drive, Irvine, CA 92618 for a test drive or contact us online. We look forward to serving our customers from Lake Forest, Mission Viejo and Rancho Santa Margarita.