My Garage

Key West Ford Documents and info you need to get pre-approved for Financing

Key West Ford Documents and info you need to get pre-approved for Financing

This is a perfect time to consider getting a new ride. With the 2021 models on the lot now and interest rates at a reasonable level, you can stop by Key West Ford and check out the vehicles we have available. However, before you do, you may want to know more about auto financing. How does auto financing work, what documents will you need, and how can you get pre-approved for a new car.

 

Auto Financing

Auto Financing

 

Getting approved for auto financing means you will need to have some key documents in place for the loan officer. These documents help establish whether you are eligible for the loan. These documents include:

 

Proof of identity: You can provide your license as a proof of identity.

 

Confirmation of residence: While your license will show where you live, you'll need to have one more piece of evidence proving that is your residence. This could be in the form of a utility bill, credit card statement, or mortgage.

 

Show your income: Of course, you need to have a job in order to secure a car loan, and the loan officer will need to have a record of your income. You may have to show paystubs, tax records, or bank receipts. You may need to show all three of these.

 

What are your expenses: If you owe any debts, then the financial officer will want to have a look at those. It's important for them to see how much your income and expenses are altogether. Lenders will take a look at your debt-to-income (DTI) ratio to see if you have more debt than you can handle right now. If you have a relatively low DTI, you will have a better loan agreement.

 

Insurance documents: The financial loan officer will also need to ensure you have proof of insurance. Insurance documents are necessary to drive the vehicle off the lot. So, be sure you are fully insured.

 

What Will Financial Officers Look at

 

Once the loan officer has all your documentation, they will assess your financial ability to repay the loan. Not only do they look at your credit history and credit score, but they will take a snapshot of your entire financial picture. They want to understand if you have a steady job and making enough to afford the payments. If your credit report is favourable, you should qualify for good interest rates.

 

Start Your Car Loan in Vancouver

Start Your Car Loan in Vancouver

 

You can get in touch with a financial loan officer at Key West Ford to take the next step in your car purchasing experience. Our professional team is standing by, ready to assist you in this endeavour. Whether you are in the market for a car, truck, SUV, or minivan, we are here to make sure you find the ideal ride. Take a trip down to our lot and check out all the vehicles we have on the lot and find the perfect one. We'll set you up with the right terms. Then drive it home today.

Categories: Uncategorised