Getting pre-approved for a loan can certainly help you shop with confidence. OurLexus financial experts at Lexus of Orange Park have a few tips to help.
The Perks of Being Pre-Approved
Wondering if you even need to get pre-approved? A pre-approval includes submitting a preliminary application, so you can get the peace of mind of knowing there’s a good chance you’ll be approved for financing. Plus, you get an estimate of your loan’s terms as well as your monthly auto payment.
Check Your Credit Score
Your credit score can play a huge role in getting approved for an auto loan. We encourage you to check your credit score first so that you don’t get any unexpected surprises when you apply. You also want to make sure to review your report to see if there are any discrepancies you need to dispute.
Collect the Information You Need
Next, we recommend that you collect all the information you’ll need for the application:
- Name and contact info
- Date of birth
- Social Security number
- Address, length of time at residency, and monthly mortgage/rent cost
- Employer, occupation, length of time at your job, and gross income
Gather the Appropriate Documentation
You will also be required to show some documentation when you apply for the loan. If you apply online, you’ll need to have this information ready to present when you visit our dealership:
- Proof of identity
- Proof of income
- Proof of residency
- Proof of auto insurance
- Trade-in paperwork, if applicable (title, registration, and existing lien paperwork)
Get Pre-Approved for an Auto Loan Today
You can conveniently get approved online anytime, or simply stop by Lexus of Orange Park to go through the application process with our team. Feel free to reach out with any questions, we’re happy to help!