To be eligible for a Lexus car loan, it helps to get pre-approved ahead of time. Luckily, here at Lexus of Orange Park, we make the process simple and intuitive. We’ve outlined the steps here so you know what the process entails and how loan pre-approvals work.
How to Get Pre-Approved
First, let’s explain what a loan pre-approval is. A pre-approval is essentially a written statement from a lender that outlines a borrower’s eligibility for a particular loan. Lenders factor in a number of considerations, including your credit score, income, and existing debt.
Apart from auto loans, a pre-approval is also commonplace when applying for other loans, such as a mortgage. If you get pre-approved, you’ll get insight into important information, such as estimated interest rates and the approximate amount you can borrow.
Steps for Car Loan Pre-Approvals
The first step in getting pre-approved for a vehicle is to acquire a free credit report from a secure credit bureau like Experian. Check your score and scan for any irregularities. We recommend doing this at least three months in advance before your planned vehicle purchase. This gives you ample time to resolve errors and raise your score if it’s less than ideal.
The next step is to make an appointment with our finance department. Bring the following documents to your appointment:
- Proof of residence
- Proof of income and/or employment, dating back at least six months
- Social security card
Our finance experts will evaluate your credit history and financial background to determine your loan-type eligibility. The process and consultation will only take about 30 minutes or less.
Visit Lexus of Orange Park to jumpstart the loan pre-approval process. We’ll help you get approved so you can purchase a high-class Lexus vehicle like the Lexus RX. See you soon!
