How To Get a Car Loan

October 11th, 2021 by
Car Loan

 

We’ve all been there— it’s time to get a new vehicle, and you’re wondering if your credit is up to snuff. Checking your credit prior to applying to your lenders is critical, as you can catch any potential errors that could affect your interest rate. Learn more about how to get a car loan with the experts at Mcconnell Chevrolet! For more information about how to get a car loan around Santa Rosa, feel free to contact us anytime!

 

 

Credit Report Check

Before you head to your Healdsburg dealership, it’s important to do a quick credit check to ensure there are no errors in your credit report that could affect your interest rates. You are entitled to a free annual credit report from the major credit reporting bureaus such as Equifax and Experian.

It’s important to note that if your credit score is less than 600, it could benefit you to wait at least six months before applying. This could give you the chance to build your credit, and get better interest rates.

Submitting Applications to Multiple Lenders

It can be extremely beneficial to apply to multiple lenders in order to receive the best interest rate. Let’s check out a few of the different lenders you could consider applying to below:

  • National Banks
  • Credit Unions
  • Online lenders who specialize in auto loans
  • Dealer financing

Although you’ve applied for loans through various lenders, you may still decide to go through the dealership for your loan. However, by applying to a few different lenders, you’ll be confident that you’ve gotten the best interest rate possible around Larkfield-Wikiup!

Pre-Approval

Once your lenders provide you with quotes, it’s time for the pre-approval process. You’ll likely receive very different rates, as each lender uses different criteria during the approval process. A “soft” pull is required for the pre-qualification process, which does not affect your credit score. However, when you are pre-approved, a “hard” pull is necessary, which could decrease your credit score temporarily.

Financing Your Next Vehicle With Mcconnell Chevrolet!

Now that you know the various ins and outs of how to get a car loan, come see us at Mcconnell Chevrolet, and check out our new vehicle inventory. You can even meet with our finance center to start the buying process and get pre-approved! Be sure to take advantage of our new vehicle specials to save big near Petaluma!

 

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