In the excitement of purchasing a used vehicle, many buyers forget about the financing part until last, because they’re much more caught up in the makes, models, features, and styling of the vehicles they’re considering. If your credit score is fairly good, it will be worth your while to get pre-approval for your car loan, because then you’ll know what you can afford, and you’ll limit your browsing to that range of costs. However, whether your credit score is great, average, or poor, there will be some options available to you for getting your vehicle financed.
Financing through CARite
If you have a trade-in vehicle, you’ll get the maximum value for your trade-in from CARite, and that will instantly make the purchase of your next used vehicle more affordable. There are numerous CARite dealerships located throughout the country, so you can easily get to one in-person, and you can browse through the vehicles on-site.
If you prefer to do your shopping online, you can go through the whole CARite catalog, and when you’ve found your ideal vehicle, you can apply for financing right while you’re online. Because CARite works with a number of different lenders, chances are you’ll get financed relatively quickly. Then you can arrange to have the car delivered right to your doorstep. Nothing could be easier!
Applying for a car loan
Whenever you fill out a car loan application, you’ll be asked a number of questions about your current credit condition, i.e. how much debt you’re carrying and what your income is. This is important to the lender, because it demonstrates your ability to repay the loan, so they don’t take a loss on the transaction. While applying, you’ll be asked to supply some personal information as well, for instance your social security number, your bank account info, and your credit card data. Make sure this information is accurate, so it doesn’t slow down the approval process.
Applying with multiple lenders
Generally, it’s a good idea to apply for a used car loan with more than one lender, so you have some options available to you. However, if you’ve applied at CARite, you can be pretty confident that you already have the best option in hand, and that you’re unlikely to get more favorable terms anywhere else. If you do apply to multiple lenders though, submit all your applications within the space of a day or two, so they will only be viewed as one ‘hit’ on your credit report. If you were to space the applications out over several weeks, each application would cause a ‘ding’ on your credit report, and they would be considered separate applications.
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