What to Expect When Financing a Vehicle | Hendersonville NC | Near Asheville, Waynesville & Spartanburg

What to Expect When Financing a Vehicle in Hendersonville, NC

It's an exhilarating feeling when you're ready to buy a new car, and upgrading your ride can give you a feeling of success. Before you're ready to drive your new vehicle off the lot, you'll need to navigate through a lot of financial details.

But here at Hunter Subaru, we're here to help you not feel intimidated by all the paperwork and agreements. To learn more about what to expect when financing a car, keep reading!

What to do beforehand.

It's a smart idea to know what your budget is before you head to the dealership. You'll avoid feeling disappointed when you find out you can't afford that more expensive vehicle you had your eye on.

Finding out the status of your credit score is the first step in figuring out your budget. A better credit score means you're more likely to qualify for a lower interest rate.

You should also do your research on interest rates. Obtaining interest rates from other lenders will help with the negotiation process, and you can also save time by getting pre-approved.

What you need to bring with you.

You’ll need to bring along four primary documents when buying a vehicle:

1. Proof of income

It's important to bring copies of your pay stubs from the previous month as well as what you've been paid to-date the past year.

2. Credit and banking history

You'll need to provide information about any other outstanding loans or financial obligations you may have, as well as your financial history, whether these are mortgage or lease agreements, alimony or child support payments, credit card statements or bank statements.

3. Proof of residence

Your mortgage statement or personalized mail are typically enough to provide proof of residence.

4. Proof of insurance

Your lender will need proof that your insurance company is aware of your new vehicle and that it's properly insured. If you aren't financing with the dealership, you will also want to bring along proof of your loan.

Know what determines the loan terms.

An automotive loan typically lasts anywhere between three and five years. Your lender will run a credit check and ask income-based questions. Interest rates are determined by how stable or secure the lender perceives your finances to be. If you have a high income, a good credit score, manageable debt and are in good standing with your insurer, you're more likely to qualify for a lower interest rate. If not, you can plan your monthly payments based on a higher interest rate and make it as manageable as possible.

If you’d like to purchase a vehicle or want to know more about how to finance in Hendersonville, NC, drop by Hunter Subaru at 2520 Asheville Hwy, Hendersonville, NC 28791 for a test drive. We look forward to serving our customers from Asheville, Waynesville and Spartanburg!

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