What to Expect When Financing a Vehicle | Albertville AL | Near Boaz, Guntersville, Scottsboro, Rainbow City & Gadsden








What Expect When Buying

What to Expect When Financing a Vehicle in Albertville,
AL

If you’ve made it this far in the car-buying process, you’re just a few small steps away from driving home in the vehicle of your dreams. Here at Sand Mountain Toyota, we’re committed to helping you through every phase of the process. That includes making sure that you’re well-informed about the financing process. All of the paperwork and budget calculating behind the buying a new Toyota can be a bit much, which is why our team has put together a helpful checklist of what you need to complete the process. The best part of financing your new or pre-owned car purchase through us is that you won’t be alone. Our finance experts are here to answer your questions and guide you through each step. Keep reading to learn more!

What do I need to do beforehand?

Before buying your next new or pre-owned Toyota, there are a few key questions you should ask yourself:

1. What’s my credit score?

The higher your score, the better your chances of qualifying for a lower interest rate.

2. What are the interest rates lenders are offering?

Research several institutions before starting the finance process. You’ll make a stronger case in negotiation and, if you’re already pre-approved, you’ll be more likely to get the interest rate you want.

3. What can I afford?

If you know your credit score and have a good estimate of the interest rate you’ll receive, you can use our online payment calculator to determine your monthly payments.

What documents do I need to bring?

Once you decide which vehicle you want to purchase or lease, there are four important documents you should bring with you to the office:

1. Proof of income.

This includes copies of your pay stubs from your last month’s checks, plus a summary of what you’ve been paid to-date in the past year.

2. Credit and banking history.

We will need information about your current financial obligations or other outstanding loans. Mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.

3. Proof of residence.

A mortgage statement, utilities bill or any personalized mail will count as proof of residence.

4. 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 your policy to the new car.

If you decide to finance with a third-party lender, you’ll need to bring along proof of your approved loan, as well.

What determines my loan
terms?

Several factors determine the terms of your loan, including your credit history, credit score, income, present debt and your current standing with your insurer. Your finance application will also play a major role in deciding the terms for your loan. Once we receive your completed application, we’ll run a quick credit check and ask you income-based questions to determine your credit-worthiness. Don’t forget – the better your credit score, the more ideal your terms will be. However, even if you’re not satisfied with your current credit score, don’t let that keep you from driving home in that car you’ve been daydreaming about! Our team of helpful finance experts is experienced in working with a wide range of credit histories, so apply for financing today!

Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance in Albertville, AL, drop by Sand Mountain Toyota at 9167 US Highway 431, Albertville, AL 35950 for a test drive. We look forward to serving our customers from Boaz, Guntersville, Scottsboro, Rainbow City and Gadsden.