How to Qualify for an Auto Loan

Keys on Top of Application

Not sure how to get a car loan around Portsmouth? There’s no need to feel intimidated. Applying and qualifying for a car loan is not as difficult as you might think. To apply, you’ll simply need some basic identifying documents. Whether you get approved, and the rate you qualify for, will depend in part on your credit score. Learn how to qualify for a car loan with the Dover Honda finance center.



How to Get a Car Loan

Wondering, “What do I need to qualify for an auto loan?” Anyone applying for a car loan at a dealer or bank and you will need the following documents at the ready:

  • Identification: You’ll need to be able to prove your identity. While required, at many places a photo ID is not enough. In addition to your ID, you’ll likely also need corroborating documents featuring the name and address that matches the one on your ID. Common documents for this include a current utility bill in your name or current bank statement.
  • Proof of Residence: In order to be able to find you if needed, your lender will need to know your current address. In most cases, a current utility bill will serve as adequate proof of your address.
  • Proof of Income: When financing a vehicle, lenders want to be confident in your ability to repair your loan. Typically, pay stubs or bank statements will suffice, however, in some cases a lender may wish to contact your employer.
  • Proof of Insurance: Since insurance is required by law, proof is required to get a car loan. You can either take care of this before heading to the dealer, or purchase insurance at the dealership.

Additionally, if you’re trading in your old vehicle to help finance your purchase, you’ll need that car’s title and registration so you can prove ownership of the vehicle.

Do I Need a Good Credit Score to Get a Car Loan?

While having a good credit score will increase your likelihood of getting approved and qualifying for a great rate, Stratham car buyers with mediocre or even bad credit can often get approved as well. While your exact interest rate will vary per lender, having a good credit history can help you secure a lower annual percentage rate (APR) on your loan. Yet, even if you have bad credit, many lenders will be willing to work with you, though you may need to accept a higher APR or find a co-signer.

Qualifying for a Car Loan is Easy at Dover Honda!

With our quick and secure financing application, Portsmouth car buyers can apply online at Dover Honda. Contact us to learn more or to chat about securing a simple interest loan or leasing with bad credit.

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