What to Expect When Financing a Vehicle in Cookeville, TN

What to Expect When Financing a Vehicle in Cookeville, TN

It’s always exciting to buy a new vehicle. From different makes and models to various trims, there are a lot of options out there. At Cumberland Chrysler Dodge Jeep Ram FIAT in Cookeville, TN, we’re here to help you every step of the way. We can also assist you with financing. We’ve put together a checklist of things to expect before you come in. Being prepared and knowing what to bring when you’re ready to buy can help the process go more smoothly. To find out what to expect when you come in to buy, check out the list below!

What to do beforehand.

First things first: find out the status of your credit score. The better your credit score is, the better your chances are of qualifying for a lower interest rate.

It’s helpful to do some research beforehand on interest rates. Knowing what interest rates other lenders can offer you will help with the negotiation process. Getting pre-approved can also save time when you’re ready to purchase.

Know ahead of time what your budget is. When figuring out what you can afford, it can be helpful to keep your credit score in mind.

What you need to bring with you.

There are four important documents you need to bring with you to the dealership.

1. Proof of income

Bring in copies of pay stubs from the previous month along with what you’ve earned the past year.

2. Credit and banking history

This includes information about any other outstanding financial obligations or loans you have and how you have fared financially in the past. Some examples are mortgage or lease agreements, child support or alimony payments or credit card or bank statements.

3. Proof of residence

Your mortgage statement or personalized mail will usually suffice as proof of residence.

4. Proof of insurance

You’ll also need to provide proof that your current insurance agency knows of your new vehicle and that it is properly insured.

If you aren’t financing with the dealership, you will also want to bring along proof of your loan.

Know what determines the loan terms.

An automotive loan typically lasts between three to five years. Your lender will run a credit check and ask income-based questions. The interest rate of your loan is determined by how confident and secure the lender perceives your finances to be. With a higher credit score, manageable debt and a high income, it’s more likely you’ll qualify for a lower interest rate. If you don’t end up qualifying for a low interest rate, plan what your monthly payments will be with a higher interest rate and plan accordingly to make it more manageable.

If you’d like to purchase a vehicle or want to know more about how to finance in Greenville, SC, drop by Cumberland Chrysler Dodge Jeep Ram FIAT at 1550 Interstate Dr, Cookeville, TN 38501. We look forward to serving our customers from Cookeville, TN, and throughout Crossville and Sparta.