Auto 101: Applying for Car Loans

April 18th, 2019 by

Buying a new car can be a difficult process for any driver, whether or not you’re a first-time buyer. There’s no reason to worry about this process if you have expert help along the way. Fortunately, the professionals at Moritz Chrysler Jeep® Dodge RAM can help you every step of the way. Specifically, the staff at our car finance center in Fort Worth, TX, can walk you through the steps to properly apply for a new car loan.

There are quite a few things you need to get in order before you buy a new car or even get a new car loan. The most important aspect of this process is your finances. To start the process, get your credit checked. This has a direct impact on the rate for your car loan, so it’s imperative that your credit score is decent. If it’s a bit lower than you would like you might want to think about getting a cosigner.

Next, you should start to calculate how much you can afford to pay for your new car. It’s best to think about this in terms of monthly payments. Take a look at your budget and see how much you can allocate to a car payment. We recommend that you are cautious when deciding this number so that you can cover any unexpected costs like maintenance or additional things like car insurance. If you want a lower monthly payment, you should opt for a loan with a longer term, like five or six years.

It’s now time to get pre-approved for your car loan, or to see how much you qualify for. You can get pre-approved at any financial institution like a bank or credit union, so take some time to look for the best option for you. Once you know how much you qualify for, you can start shopping around for the right new Chrysler car or new RAM truck for you

Posted in Finance