You’ve found the perfect car, and you’re ready to make it yours. But before you dive into the financing application, taking a few key steps can set you up for a smoother process and a better overall outcome.
At Urgent Car Credit, we believe in empowering our customers with knowledge. We specialize in helping people with all credit backgrounds get approved, and we’ve seen firsthand how a little preparation can build confidence and lead to success.
Here are 5 smart steps to take before you apply for your auto loan.
1. Know Your Credit Score (It’s Easier Than You Think!)
Your credit score is a major factor in determining your loan terms, but you shouldn’t be in the dark about it.
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Why it matters: Knowing your score gives you a realistic idea of what to expect and helps you understand the lender’s perspective.
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How to do it: You can get a free credit report from AnnualCreditReport.com. Many banks and credit card companies also offer free credit score monitoring. Don’t worry if your score isn’t perfect—that’s exactly why we’re here.
2. Review Your Budget for the Full Picture
A car payment is one part of the total cost of ownership. Create a realistic budget that includes:
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The monthly loan payment
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Insurance: Get a few quotes beforehand, as this can vary significantly.
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Fuel: Estimate your weekly gas costs.
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Maintenance: Set aside a small amount for routine oil changes and tire rotations.
A good rule of thumb is that your total monthly car expenses should not exceed 15-20% of your take-home pay.
3. Get Your Documents in Order
Speed up the application process by having your information ready. Typically, you’ll need:
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A valid driver’s license
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Proof of income (recent pay stubs or bank statements)
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Proof of residence (a recent utility bill or lease agreement)
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References (have a list of a few names and phone numbers)
Having these documents on hand when you apply with us can help get you an approval decision faster.
4. Consider a Down Payment
Even a small down payment can work in your favor. It reduces the total amount you need to borrow, which can lead to a lower monthly payment and may help you secure better loan terms. It also shows the lender you’re invested in the purchase.
5. Get Pre-Qualified (Without the Hard Inquiry)
This is one of the most powerful steps you can take. At Urgent Car Credit, our pre-qualification process (on the home page) allows you to see what you may qualify for with just a soft credit check, which doesn’t impact your credit score.
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The Benefit: You can shop for your car with confidence, knowing your budget range. It puts you in the driver’s seat before you even step onto the lot.
Ready to Take the Next Step? We’re Here to Help.
Preparing for your auto loan doesn’t have to be stressful. By following these steps, you’re positioning yourself for a successful car-buying journey.
At Urgent Car Credit, we specialize in turning car dreams into reality for buyers with challenging credit, no credit, or even past repossessions. Our team is committed to finding an approval for you.
Don’t let the fear of the application process hold you back. Let us help you navigate it.
Feeling prepared? Click here to start our quick and easy online application process today!