Option 1 - It varies depending on multiple factors - income, credit, purchase price, if trade is involved, and if you are planning to put any money down.
Option 2 - The lender's main focus is to make sure it's affordable to you, so if you can afford it and you have established credit, you should be able to facilitate the transaction up to the full purchase price of the vehicle.
What type of information or documentation do you need from me?
If you have established credit, banks require a current government issued ID and current full coverage auto insurance. If you are working to establish credit, they may require additional documentation. This can vary on a case by case basis so your finance manager will get into more detail if needed.
Should I get pre-approved before I go car shopping?
It's never a bad idea to get as much information as possible to make a large financial purchase. Unfortunately, a pre-approval is not an approval on a specific vehicle. That being said, Sheboygan Auto Group works with over 20 lending institutions on a daily basis to get the best terms and conditions possible usually within the same day of finding the vehicle that fits your wants and needs.
Can I use my bank or credit union for financing my car purchase?
Yes you may, however what is often the case is Sheboygan Auto Group can secure a more aggressive term due to the amount of volume we work with on a daily basis.
If I have bad credit, can I still get a loan to buy a car?
Absolutely! We have a Credit Acceptance program that approves everyone, usually with some sort of down payment.
Do I have to have a down payment? how much?
Yes and No, usually the banks look favorably upon down payments ranging between 10% - 20%. That being said, it's not uncommon to get approved with no money down.
Will filling out the application affect my credit score?
Yes, it will temporarily affect your credit score.
Do I need a co-buyer?
Those with established credit usually do not require a cosigner. Those working on their credit, may require a cosigner to get an approval
Do I have to trade in my current car?
You are not required to trade in your car.
I've never bought a car on my own before, will I get approved?
It is possible to get an approval on a vehicle even if you have never taken out a loan on a car before.
What will my rate and term be?
Your rate and term will vary depending on year, make, model of vehicle as well as your credit
What is gap insurance?
Gap insurance will take care of the difference of what you owe on the vehicle and what the vehicle is actually worth at the time your vehicle is totaled or stolen.
What are my payment options?
Your payment options will consist of different terms such as length of loan as well as interest rate.
