What to Expect When Buying a Vehicle | Canton GA | Serving Alpharetta and the Greater Atlanta Area
What to Expect When Buying a Vehicle in Canton, GA
There's always something invigorating about that new car smell. And with so many different makes and models with various trims, there are a lot of options out there. At Cherokee County Toyota in Canton, GA, we're here to help you every step of the way, and we can assist you with financing. Below you'll find a checklist of things to expect before you come in to purchase your vehicle. Knowing what to expect and how to prepare ? including what to bring when you're ready to come in ? can help the process go more smoothly. To learn more, keep reading!
What to do beforehand.
First things first: find out the status of your credit score. The better your credit score is, the better your chances are of qualifying for a lower interest rate.
It's also a good idea to do some research on interest rates. Knowing what interest rates other lenders can offer you will help with the negotiation process. Getting pre-approved can also save time when you're ready to buy.
Know your budget ahead of time. When figuring out what you can afford, it can be helpful to keep your credit score in mind.
What you need to bring with you.
1. Proof of income
Bring in copies of pay stubs from the previous month along with what you've earned the past year.
2. Credit and banking history
This includes information about any other outstanding financial obligations or loans you have and how you have fared financially in the past. Some examples are mortgage or lease agreements, child support or alimony payments or credit card or bank statements.
3. Proof of residence
Your mortgage statement or personalized mail will usually suffice as proof of residence.
4. Proof of insurance
You'll also need to provide proof that your current insurance agency knows of your new vehicle and that it is properly insured.
If you aren't financing with the dealership, you will also want to bring along proof of your loan.
Know what determines the loan terms.
An automotive loan typically lasts between three to five years. Your lender will run a credit check and ask income-based questions. The interest rate of your loan is determined by how confident and secure the lender perceives your finances to be. With a higher credit score, manageable debt and a high income, it's more likely you'll qualify for a lower interest rate. If you don't end up qualifying for a low interest rate, plan what your monthly payments will be with a higher interest rate and plan accordingly to make it more manageable.
An automotive loan usually lasts between three to five years. Your lender will ask income-based questions and run a credit check. What determines the interest rate of your loan is how confident and secure the lender perceives your finances to be. With a higher credit score, manageable debt and a high income, it's more likely you'll qualify for a lower interest rate. If you don't end up qualifying for a low interest rate, you can figure out your monthly payments with a higher interest rate and plan accordingly to make it more manageable.
If you?d like to purchase a vehicle or want to know more about how to finance in Canton, GA, drop by Cherokee County Toyota at 301 Liberty Blvd, Canton, GA 30114. We look forward to serving our customers from Canton, GA, and throughout Alpharetta and the greater Atlanta area.