An important step in purchasing a car is knowing how you will finance your vehicle. There are many options when it comes to auto financing, such as vehicle leases or loans. Receiving pre-approval for a vehicle loan can be a smart choice, but is it required? Not necessarily, but there are advantages to getting pre-approved — read on to learn more.
Benefits of Getting Pre-Approved for a Car Loan
Getting pre-approved for a car loan can help give you the best idea of what you’re able to afford, and how much your monthly payments will be. This can help you set expectations, which will end up making your trip to the dealership more efficient with a clear idea of which cars are a better fit.
A pre-approval can also help speed up the paperwork portion of purchasing a car, since the necessary documents have already been provided and verified. You may not need pre-approval, but it is a good idea in terms of getting the auto financing process started on the right foot.
What You Need for Pre-Approval
To get pre-approved, you’ll need to provide personal information like a driver’s license, social security number, and your address. Having your license and social security card on hand is a good idea.
Financial documents are also needed. These may include a W-2, pay stubs, and/or tax returns. You may also be asked to provide information about your employer.
Explore Vehicle Financing in Kimball, MN
A. M. Maus and Son is happy to help you with any of your car financing needs, no matter what stage of the vehicle purchasing process you find yourself in. Our friendly staff can’t wait to work with you and get you in the driver’s seat of your new favorite vehicle.