What to Expect When Financing a Vehicle in Manchester, TN
When you're ready to buy a new vehicle, it's exciting to look through the different features and picture yourself driving it home. However, financing your purchase can sometimes be complicated and frustrating.
But there's no need to fear! Here at John Roberts Nissan, we work with each one of our customers to develop a payment plan that works for them. Want to learn more about what you can expect when you finance your vehicle? Just keep reading!
What to do beforehand.
One of the first things to do before financing your vehicle is to find out the status of your credit score. The better your credit score, the higher chance you have of qualifying for a more ideal interest rate.
You'll want to research what sort of interest rates to aim for. Educating yourself on the interest rates that other institutions can provide you will help with the negotiation process. Getting pre-approved can also help you save time during the buying process.
It's also important for you to determine what you can afford. It's helpful to do this with your credit score in mind so that you can stay within your desired price range.
There are four primary documents you need to bring with you when purchasing a vehicle.
1. Proof of income
Bring along copies of your pay stubs from last month as well as what you've been paid to-date the past year.
2. Credit and banking history
This includes any information about other outstanding loans or financial obligations you may have, as well as how you've fared financially in the past. It could be mortgage or lease agreements, alimony or child support payments, credit card statements or bank statements.
3. Proof of residence
Personalized mail or your mortgage statement are usually enough to provide reasonable proof of residence.
4. Proof of insurance
Your lender will require proof that your insurance company is aware of your newly purchased vehicle and that it's properly insured.
If you aren't financing with the dealership, you'll also want to bring along proof of your loan.
Know what determines the loan terms.
Most auto loans last between three to five years. Your lender will run a credit check and ask questions about your income. An interest rate will be determined based on how secure the lender perceives you to be financially. If you have a solid credit score, manageable debt, a good standing with your insurer and a healthy income, you'll most likely qualify for a lower interest rate. If not, you can plan what your monthly payments will be with a higher rate to make it as manageable as possible.
If you’d like to purchase a vehicle or want to know more about how to finance in Manchester, TN, drop by John Roberts Nissan at 2747 Hillsboro Blvd Manchester, TN 37355 for a test-drive. We look forward to serving our customers from Murfreesboro, Shelbyville and Middle Tennessee!