The fall is one of the top times when people are looking to buy a car, and for most people that means also getting an auto loan. Knowing exactly how to buy a vehicle is really important so that you get your money's worth and understand how loans work.
In order to buy a car, new or used, you probably need to get a loan. While it may seem intimidating, getting an auto loan is a fairly simple process and can usually be done in person or online. A key step in getting a car is getting pre-approved for your loan before you shop.
This means that you'll know how much money you were approved for, and what your interest rate will be on your loan. Knowing your budget before looking at a car is helpful because you have some power at the dealership to know what to look for and how much you can actually spend.
Are you doing your research in the process of buying a used car? Check out our Used Car Buying Checklist here.
Another really important part of getting pre-approved is your credit score. A popular misconception is that your credit score is what decides if you do or don't get approved. While this may be true in extreme cases, your credit score actually plays a bigger part in determining your interest rate for your loan.
Questions like these are very important to understanding the car buying process, so we decided to let YOU ask two experts from our lending team any questions you might have about how to buy a vehicle.
Facebook Live Q&A Recap:
We sat down with Robin and Hayley from our lending team for a question and answer session on Facebook Live to give their advice on buying a car. We took early submissions for questions and let people drop more questions in the comments as the video played.
There were a lot of great questions asked, that ranged from things like, "How do I get an auto loan?", to questions about how loans (and paying them off) impact your credit.
All in all, it was a really informative session and we really enjoyed reading everyone's comments and questions!
If you missed the Facebook Live session, you can view a recorded version of it below:
Robin and Hayley definitely shared some great car buying tips with us. The key take-aways from our interview about the car buying process are:
- Plan ahead for buying a car, save for a down payment, do your research
- Pre-approval is a key step and you should make sure you get pre-approved before you shop. This helps you know your budget, and gives you a little power when you're at the dealership!
- Your credit score doesn't necessarily determine if you can/can't get a loan, but it does impact the interest rate on your loan
Still have questions about the car buying process or auto loans? Missed the Facebook Live session and still have a question? Check out these tips on buying cars, send us your questions on our Facebook page, and download our Used Car Inspection Checklist to make sure you're getting a good quality used car.