Auto Loan Pre-qualification
At Your Choice Autos, Illinois’ largest used car dealership with locations in Waukegan, Elgin, Joliet,Elmhurst, and Crestwood, we believe preparing for financing is just as important as choosing the right vehicle. Here are a few quick tips to boost your chances of getting prequalified for an auto loan:
Know your Credit Score:
Your credit score plays a major role in determining your loan eligibility and interest rate. Check your score beforehand so you can understand what to expect.
Gather Key Documents:
Lenders typically require:
- Proof of income (pay stubs or bank statements)
- Proof of residence (utility bills, lease, etc.)
- Valid driver’s license
- Social Security number
Know your Budget:
Have a clear idea of how much you can afford for a monthly payment including insurance. A good rule of thumb: keep your monthly car payment under 15% of your take-home pay.
Bring a Down Payment:
Even a small down payment can improve your loan terms, lower your monthly payment, and help you get approved more easily.
Consider a Co-Signer:
If your credit is limited or challenged, a co-signer with good credit can help you qualify for better loan terms.
Get Pre-Qualified Online:
Save time at the dealership by starting the process online. Visit our website to apply:
Need help? Call or text us at 708-699-9237. We’re here to help you drive home happy from Your Choice Autos – Illinois’ trusted used car dealership.
