If you are considering car loans in Bellevue, it is best to go into the process fully informed. First off, to get the best rate, always check your credit beforehand. Then, you can shop and compare loan offers before going to the dealership. Finally, read this guide to be ultra-prepared before stepping into the dealership:
Step 1: Check your credit report
Your credit score is, unfortunately, an essential part of obtaining a car loan. This and your income are essential in how much you will be qualified to borrow and the interest rate you are given.
Pro tip: You are entitled to at least one free copy of your report every 12 months from each major reporting bureau. These include Equifax, Experian, and TransUnion.
Step 2: Apply to multiple lenders
After checking your credit, you should look into various lenders. These might include:
- Large national banks
- Local community banks or credit unions
- Online lenders that only provide auto loans
- Dealership financing
Pro tip: Compare the first three types of lenders first and then move on to dealership financing in the worst-case scenario.
Step 3: Get preapproved
After you find a lender, get preapproved for car loans. This will make the process a lot easier because they might even compete for your business!
Pro tip: Pre-qualification gives an estimate of the rate you might expect, but getting preapproved gives you a specific rate that you will pay.
Step 4: Choose your budget and a car!
After you have your preapproval offers for car loans, you can choose your budget, pick your car, and ride off into the sunset!!