What to Expect When Financing a Vehicle in Shawnee, OK
What to Expect When Financing a Vehicle in Shawnee, OK
Chances are, if you’re reading this, that you’re ready to take the next step in buying a car. We’d love to help you find the right ride and financing options for your personal style and needs. In order for us to do that, we want to help you stay informed about the process and how you can be prepared. Buying a new vehicle can be overwhelming, but at Joe Cooper Dodge of Shawnee, we’re committed to making the process easy and stress-free.
Whether it’s a new model or a quality used vehicle, we’ve compiled some helpful information to ensure that you’re prepared to take the next step to get behind the wheel of your hot new ride.
What do I need to do beforehand?
Before shopping for your next new or used Chrysler, Dodge, Jeep, RAM or Wagoneer, ask yourself these questions:
1. What’s my credit score?
Generally speaking, a higher score means a lower interest rate.
2. What are the interest rates lenders are offering?
Weigh your options before you start the finance process. It’s best to know what to expect ahead of negotiations, and pre-approval can help secure your desired interest rate.
3. What can I afford?
If you know what your credit score is and can reasonably estimate your interest rate, you can use our online payment calculator to determine your monthly payments
What documents do I need to bring?
Once you’ve decided on the right vehicle for you, there are four main documents to bring with you to the office:
1. Proof of income.
You’ll want to bring copies of your pay stubs from last month’s checks, plus a summary of what you have been paid to date in the past year.
2. Credit and banking history.
Your lender will also need information about existing financial obligations or other outstanding loans in your name. Mortgage and lease agreements, credit card statements, bank statements and alimony or child support payments are all items that affect credit history.
3. Proof of residence.
Simply bring a mortgage statement, utilities bill or any personalized mail to verify your current residence.
4. Proof of insurance.
Bring a valid insurance card so we will know that your current vehicle is insured and that you’ll be able to transfer that policy to your new ride.
If you decide to finance with a third-party lender and not our in-house finance department, you’ll need to bring proof of your approved loan as well.
What determines my loan terms?
A lot of factors can determine your loan terms. These include credit history, credit score, income, present debt and whether you’re in good standing with your insurer. Your finance application also plays a major role in the terms that your lender provides.
Once our finance department receives your completed application, we’ll run a quick credit check and ask about your income to determine your credit standing. Don’t forget – the better your credit score, the better your terms will be. Even if you’re not satisfied with your current credit score, though, don’t let that deter you! Our friendly and helpful team of finance experts works with a wide range of credit histories, so we’ll help you find a way to get behind the wheel of your dream car.
Let’s talk. If you’d like to purchase a vehicle or want to know more about our finance process at Joe Cooper Dodge of Shawnee, come see us at 4940 N Automall Drive, Shawnee, OK 74804. We look forward to serving our customers from Tecumseh, Seminole and Choctaw.