How to Get Used Car Loan

used cars in tucson

Getting a car loan doesn’t have to be complicated. Read on to learn how to get used cars in tucson loan without hassle.

The Catch

Despite the ease of getting a used car loan, it’s not for everyone. If you’re in the market for a new or newer vehicle, chances are you won’t be able to get financing. New cars are usually financed through loans from dealerships or banks, and few providers will offer loans on old models like this one. If you have a steady income, good credit and not a lot of debt, though, you’re likely to have no problem getting the best used car loan.

Getting Approved

One of the biggest hurdles when it comes to getting financed for an old model is your credit score. Not only will lenders look at your current score, they’ll also pull a copy of your credit report as well. You’ll want to check both scores ahead of time and address any problems that may exist. A negative mark on your report can be a deal-breaker in many cases. If there’s something wrong with your score or report, talk to an attorney or financial professional about how you might get it fixed before you apply for financing.

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The Process

Once you’ve received your report and have fixed any problems, take the time to make sure everything is in order. Lenders will want to see that you have a steady income and long history of payments on all accounts. Make sure to include any available financing on your credit report and at least one year of recent payment history. A clean report is crucial if you’re hoping to get financing for an older model.

Getting Financed

Once everything is in order, submit your loan application online or call the lender up and ask for their specific requirements. You’ll be asked to provide information about yourself, such as address, phone number and Social Security number just like everyone else who wants financing for a new car. You’ll also need to provide information about the vehicle you’re looking to finance.

The type of vehicle you’re looking to buy will determine the amount of your loan and what you have to put down on it. Most lenders require 20 percent, but some will allow less. The lender will also want proof of income and enough money down so there’s not a lot of risk involved in the process. Set aside your personal financial records, such as a bank statement or paycheck stubs, for at least three months so you can show them how much money you make each month.