How to Apply for an Auto Loan


How to Apply for an Auto Loan

Exploring makes and models, colors and features can get you excited about a new set of wheels. As a new car owner, you also have to figure out financing, which means applying for an auto loan. If you’re overwhelmed, don’t worry—we’ll walk you through the steps so you can get the best financing options for your budget.

Apply for an Auto Loan With These 4 Steps

You can start the approval process for an auto loan with just a few simple steps:

  • Check your credit report: Go to Annual Credit Report and get all your scores for free every 12 months, which is your right by law. Learn how your credit report can impact your loan offers, and how to improve your credit score.
  • Complete the auto loan application: Fill out applications from multiple lenders and compare their offers, interest rates and loan amounts to find the best bargain. Your loan offer is determined using your current information, such as your salary, credit score and rent or mortgage.
  • Determine your budget: When examining your loan offers, keep your budget in mind. How much can you afford to pay each month? No matter how much you’re offered, you don’t have to take the full amount of the loan. Plan for other car expenses besides the monthly payments, such as taxes, registration and maintenance.
  • Review the loan offer: Once you’ve found the best offer, review all the fine print. Understand the loan terms, look for hidden fees and add-ons, and make sure the information is accurate. Don’t sign any loan with terms you don’t agree to or can’t afford.

Can I Get an Auto Loan With Bad Credit?

At UTF, we are invested in helping the people in our community. If you have a poor credit score, we don’t want that to stand in your way of getting a car you so badly need. You can still apply and see how we can help. Usually, credit scores in the 501-600 range will get a loan with a higher interest rate.

How Long Until I Get Preapproved for an Auto Loan?

After you complete your application, you could get notified within days. It all depends on your lender and how fast they process your application. At UTF, we offer quick pre-approval so you can get your new car ASAP.

How Can I Calculate My Auto Loan Payment?

An easy way to determine your auto payments is to use a car budget calculator. Enter information like your down payment amount, interest rate and term of the loan, and let the calculator do the rest.

Ready to Get Pre Approved for an Auto Loan? UTF Is Here to Help.

At United Teletech Financial, we’re here to help you maneuver through the ins and outs of your finances. You can start the preapproval process by filling out an auto loan application or contact our dedicated experts at 866-462-5532 today.