Just about everyone has a dream car – a car they fell in love with that they wish they could own, but for many, it doesn’t seem that it’s quite possible to actually own their dream car. In reality, though, most people need a car loan to purchase their next vehicle, no matter what the price tag of it may be. Check out our guide for purchasing the car you’ve always wanted and turning your dream into a reality by using new car finance.
Car Loan Basics
Car loans are an incredibly easy and very popular way to purchase a car, whether new or used. When you obtain a car loan, you are borrowing money from a lender which you will be obligated to pay back over a certain period of time, typically with interest added. The interest amount you will have to pay depends on the amount of your loan and the interest rate you qualify for. In addition to the amount of the loan and interest, you will also be responsible with fees and taxes associated with purchasing a car.
How to Apply
To apply for a car loan to get your dream car, you should first do your research. Make sure that you contact a variety of lenders including banks and building societies to see what type of loans and interest rates they are currently offering. Once you decide on where you want to apply, you simply fill out a loan application from the lender to see what type of car loan and interest rate you may qualify for. When preparing to fill out the loan application, make sure you know all of the information it requests, such as your employment information, income information, mortgage or rent payment amounts, any debts you have outstanding such as credit cards or loans, and any other monthly expenses. If you plan on filling out more than one application, it is important to remember to fill out the applications in a close time frame, as spreading them out could negatively affect your credit score, reducing your chances at getting the best rates on a loan for your dream car.
Use Your Financing to Get Your Dream Car
Once you have been pre-approved for a loan, you can talk with the dealership that carries your dream car, such as the HSV GTS, and show them your pre-approved loan. Then, they may offer you a better interest rate or a similar interest rate with lower fees, you may want to take them up on their offer. Once you have your loan approved, you can drive away in your brand new HSV GTS, or your car of choice, finally making your dream a reality!