Have you been approved for a car loan? If you’re wondering what to do now, our team at Sheridan Nissan can help you take the next step. We want to streamline the car-buying process for shoppers like you throughout New Castle, Wilmington, and Newark, DE.
As you read on, feel free to contact us with any questions or to speak with one of our auto finance experts today!
What Is Getting Pre-Approved for a Car Loan?When you get pre-approved for an auto loan, you’ll receive the estimated terms for the loan. This includes the amount you can expect to borrow along with the interest rate and the length of the car loan. The quote will also factor in the:
Some lenders have limits on the type of vehicle they’ll grant a loan for, such as based on its age and mileage. With this information in hand, you can set a desired price range and shop for vehicles that fit your unique needs as well as the requirements for the loan.
In general, pre-approvals last between 30 and 60 days. Use this time to shop around.
Getting pre-approved before you arrive at the dealership can make the experience more enjoyable. That’s because you’ll already have the information you need to set your target price range, which removes the guesswork and enables you to focus on comparing the features of your favorite cars.
For extra convenience, we have a Payment Calculator that lets you compare monthly payments of different models from the comfort of your own home.
Why Check Your Credit Report Before Applying for a Car Loan?When you get approved for a car loan, the lender will look at your full credit report. That’s why it’s important to review it for any inaccuracies before you submit your application.
If you notice any errors on your credit report, be sure to dispute them right away. This can quickly boost your credit score, which in turn translates to a better interest rate and terms for your auto loan.
Once you’re sure your credit report is accurate, you can use our secure, complimentary finance application to easily apply online.
What Do I Need to Apply for a Car Loan?When you get pre-approved and when you apply for a car loan, you’ll provide personal information, such as your income, in the application. Along with that, you’ll also provide details about the vehicle you want to finance when you officially apply for the car loan, such as:
If you want to trade in your current vehicle for a new one, you can use our Value Your Trade tool to check its worth. Then, if you accept the trade-in offer, you can apply its value toward the down payment on your next car, which decreases the amount you have to finance with a car loan.
All of us at Sheridan Nissan look forward to guiding you throughout your automotive financing journey from beginning to end. Get ready to cruise off the lot in your next set of wheels near New Castle, Wilmington, and Newark, DE, today!
