Picking out a new Toyota vehicle, test driving it, and then deciding it’s the one you’d like to purchase is all incredibly exciting. Less exciting, of course, is going through the process of figuring out the best way to pay for it. Most customers here at Hall Toyota Virginia Beach work with our in-house Toyota finance department when looking at loan options, but we recognize that not everyone fully understands how this process works.
We’d like to break it down so Virginia Beach Toyota customers have a sense of exactly how best to get the loan approval they need.
How to Qualify for an Auto Loan
In order to have the best opportunities not only for loan approval, but also for interest rates, we typically give our customers the following advice:
- Maintain a Solid Credit Score – While it is possible to secure an auto loan with bad or no credit, having a good credit score is going to make it easier for more financial institutions to approve your loan. Also, higher credit scores often mean better APRs, which can save you money over the life of the loan.
- Prove an Income Source – Proving a steady income shows lenders that you’re likely to have the money to pay back the loan. Usually, a pay stub or W-2 or some similar proof of regular income will get the job done.
- Prove Identity and Residence – To secure any sort of financing, you’ll need to prove who you are and where you live. If you default on your loan, the lender needs to know where the vehicle will be should the lender need to repossess it. Usually, a driver's license or government-issued ID is good enough to prove residence, but there are other options for proving this, such as a recent utility bill or lease agreement.
Financing at Hall Toyota Virginia Beach
If you need help financing your vehicle, the professionals here at Hall Toyota Virginia Beach are more than happy to help. Ask whatever questions you may have, and know that once you fall in love with that Toyota Camry or Toyota RAV4, we’ll help you secure the financing you need!
