How to Qualify for an Auto Loan

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Are you wondering how to qualify for a car loan in the San Antonio area? As long as you have the right paperwork, you’re ready to apply. There are a few pieces of documentation you’ll need, and of course, your credit history and credit score play a substantial role. Ready to take the next steps? Read on to learn more about how to qualify for a car loan from the experts in our finance department

What Do I Need to Qualify for a Car Loan?

Regardless of whether you’re applying for a loan for the first time or the third time, you’ll need the following documentation and information to complete the application process: 

  • Proof of Income: To obtain financing, you’ll need to prove your income, so the lender is convinced you’ll be able to make monthly payments. Bank statements and/or pay stubs are usually sufficient, but the lender may also want to contact your employer for verification. 
  • Proof of Insurance: Car insurance is a legal requirement, and it’s also needed to obtain auto financing. You can purchase insurance at the dealership, or handle it on your own beforehand. 
  • Photo I.D.: Typically, a photo I.D. is enough to satisfying auto lenders. In addition, you’ll also need bank statements or a current utility with your name and address on it. Make sure the information matches what’s on your I.D. 
  • Proof of Residence: When you apply for an auto loan, you’ll need to provide your permanent address. Again, a current utility bill, plus your photo I.D., should be adequate verification here. 
  • Car Title/Registration: Trading in your used vehicle? You’ll need your car’s title and registration, which prove your ownership. 

Is Excellent Credit a Requirement? 

No, not necessarily. Good credit history and a good credit score can certainly improve your chances of getting an auto loan with a low loan interest rate. However, it’s possible to get approved for a car loan with no credit or not-so-great credit. Even if your credit needs work, many lenders will work with you, although you likely won’t get a low annual percentage rate (APR) on your loan. You can also use a cosigner to help improve your chances of being approved for better loan terms, provided your cosigner meets the lender’s requirements. 

Learn More from the Team at Aston Martin Houston!

With Aston Martin Houston in your corner, qualifying for a car loan is easy. Contact us online or give us a call at (713) 868-6813 to learn more about your next steps. If you’re ready to get the process started, get pre-approved for an Aston Martin lease or finance plan. While you’re here, explore our car-buying tips hub for more information on tops like credit scores, leasing vs. financing, and more.

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