If you’ve never bought a car before you may not be familiar with everything that goes into financing a Jeep near Memphis. While it’s not as difficult and stressful as friends and family may have made it seem, there are some important things to keep in mind when you’re getting ready to buy a car that will make the whole process much smoother. That’s why we wanted to shed a little more light on what goes into the auto financing process.
What You Need To Know About Auto Financing
Mid South Auto Loans specializes in auto financing and leasing, which makes us a pretty experienced lender when it comes to buying or leasing a car. If you’re interested in RAM truck financing near Memphis, we’re one of the best options around. The first step in the process is a credit application. This is an important step, as it will determine what kind of loan options you can afford. Here are some common things credit applications include that you will want to have ready:
- Social Security number
- Date of birth
- Current and previous address(es) and length of stay
- Current and previous employer(s) and length of employment
- Sources of income
- Total gross monthly income
- Financial information on current credit accounts, including debt obligations
Once a credit report is received, we can then combine these two things to get a better idea of what kind of financing options will fit your situation. Then, your information is sent out to potential lenders to find the right fit for you based on your credit application, credit report, and the terms of the sale.
It’s a good idea to look for special incentives or rebates at dealerships, which can help you get a better APR or lower down payment. These can make financing easier on you, although it’s always wise to read the fine print on any promotion to make sure you understand what obligations it entails.
Contact Mid South Auto Loans to learn more about the financing options that are available to you when you buy a new RAM or Jeep. To get started, feel free to give us a call at (901) 316-3434.