If you are thinking of applying for an auto loan, getting pre-approved can be a hugely beneficial first step. Plus, it can provide all the peace of mind you need. Our Chevy finance experts at Foundation Chevrolet have a few tips to help you get approved.
Determine What You Can Afford
Your income and expenses are huge factors when lenders consider your eligibility. It’s important that you carefully consider your budget when applying for a loan. Generally, you should aim to keep your monthly auto payment under 10 percent of your net monthly income.
Utilize an Auto Payment Calculator
If you’re unsure exactly what you can afford, an auto payment calculator can be a helpful tool. You can quickly plug in the total price of the vehicle you’re interested in to get an idea of your monthly payments. You can adjust the down payment and loan length if you need to adjust the payment.
Decide on Your Dream Car
While you may not have your heart set on one specific vehicle yet, it can be helpful to have an idea of what you are shopping for. Oftentimes, your loan terms can depend on the vehicle you’re interested in. The vehicle’s condition, mileage, and even its reliability can affect your terms.
Apply Online
We have a quick application process to get pre-approved online. You’ll need to gather the necessary information and then the application can take less than 10 minutes to complete:
- Social Security number
- Date of birth
- Housing information
- Employment details
Get Pre-Approved at Our Chevy Finance Center in Wheat Ridge, CO Near Denver
As you can see, getting pre-approved for an auto loan is easy. If you don’t want to apply online, you can also conveniently apply with our team at Foundation Chevrolet. Stop in to get started today!
