What to Expect When Financing a Vehicle
What to Expect When Financing a Vehicle in Eugene, OR
You’ve found the car of your dreams, now it’s time to complete the financing process. Here at Hyundai Eugene, we make it easy to finance a vehicle and ensure that you’re informed every step of the way. It’s easy to get overwhelmed by the various financial paperwork and items you need to provide in order to complete the car-buying process successfully. However, our finance team has got your back. In fact, we’ve compiled a list of to-dos you can follow to make sure you’re bringing the right documents and are fully aware of what goes into determining your loan term. We won’t leave you hanging — keep reading to gain more knowledge on how you can have a seamless transaction.
What do I need to do beforehand?
Before you purchase a new or pre-owned vehicle, ask yourself these very important questions:
What’s my credit score?
The higher your score, the best chance you have of qualifying for a lower interest rate.
What are the interest rates lenders are offering?
Conduct your research into the market before you initiate the finance process. As a result of your efforts, you’ll gain more negotiating power, and if you’re pre-approved, you’ll be more likely to secure the interest rate you want.
What can I afford?
If you know your credit score and have an idea of the interest rate you’ll receive, use our online payment calculator to determine your monthly payments.
What documents do I need to bring?
Have your perfect ride picked out and ready to make the next move? Don’t forget to bring these vital documents with you to our finance department:
Proof of income.
We will need copies of your pay stubs from your last month’s income and a summary of what you’ve been paid to-date in the past year.
Proof of residence.
A mortgage statement or any personalized mail will count as proof of residence.
Credit and banking history.
Provide any information about your financial obligations or other outstanding loans. This can include mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.
Proof of insurance.
Bring a valid insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new purchase.
Keep in mind, if you decide to finance with another lender instead of our finance department, you’ll have to bring proof of your approved loan in addition to the documents above.
What determines my loan terms?
Your loan terms will be impacted by numerous factors including credit history, credit score, income, any current debt and whether or not you’re in good standing with your insurer. Plus, your finance application will have a large influence on the terms we give you. Once we’ve received your completed credit application, we’ll run a credit check and ask you income-based questions in order to approve your submission. The rule of thumb is, the higher your credit score, the better your loan terms will be. However, don’t get discouraged if you’re not content with your current credit score — our finance team has worked with many guests with varying credit histories. So, what are you waiting for? Start your application today and Hyundai Eugene will help you get behind the wheel of your ultimate ride.
Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance in Eugene, OR, drop by Hyundai Eugene at 89320 N. Game Farm Road, Eugene, OR 97408 for a test drive. We look forward to serving our customers from Florence, Springfield, Roseburg and Cottage Grove.