How To Apply for a Car Loan

Even if you've never purchased a car before, you probably realize you're going to need a car loan to do it. So, to help all the first-time shoppers out there, here are the six steps on how to apply for a car loan.

  1. Check your credit. Odds are high that you're pretty new to the whole "adulating" thing, so you may have never checked your credit before. You need to do this before you even think about applying for a loan. Your credit report will show you your credit history. Make sure the information listed is accurate and if you spot any problems, try to clear them up.
  2. Set your budget. Once you know your credit is in the clear, look at your funds and lay out a budget. Track your money for at least a month to see how much you actually spend buying coffee, going to the movies, eating out, etc. Then decide if you want to make any cuts and how much you want to put towards your new car. Don't forget insurance, maintenance, and fuel costs.
  3. Get pre-approved. The best place to start with this process may be the bank or credit union that you currently use. Fill out their loan application and you should get a pre-approval letter that is good for up to a certain amount of money.
  1. Start shopping. Once you know your monthly budget and how much you want to spend total, you can narrow down your shopping field. Make sure to aim for something practical and not just the flashiest car on the lot. For example, if you frequently go camping, you want something that has enough cargo space for all your gear. Let the dealership try to find financing for you as well. It won't cost you anything and you may get an even better rate.
  2. Close the deal. When you've nailed down the final price, you'll sign all the necessary paperwork in the finance department at the dealership.
  3. Make your car payments. The last step, and one of the most important, is to pay back your loan. Not long after you purchase your car you should receive information about how and when to pay back your loan. You should be able to easily make payments online and can usually set up automatic payments so you don't even have to actively think about it.

Now that you know all there is to know about applying for a car loan, it's time to get started. If you need any help along the way, give us a call at Dan Young Chevrolet Buick GMC GM and we'll be glad to lend you a hand.

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As a valued customer, we want to ensure your private information is kept private and only shared with those companies who are authorized either by yourself or as allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

Collection of Information
The purchase of a motor vehicle requires considerable accumulation of nonpublic personal information. For example, if we sell or lease you a vehicle - extending you credit at your request - we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit-reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

Some of the information we obtain from you may be required by state of federal agencies, such as the Department of Motor Vehicles or the Internal Revenue Service. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

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We safeguard nonpublic personal information according to established industry standards and procedures. We maintain physical and electronic safeguards that comply with state and federal law. We restrict access to nonpublic personal information about you to those employees and outside contractors who need to know the information to provide product or service to you. We prohibit our employees and agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy.

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Unless we have indicated our desire to share your nonpublic personal information with non-affiliated third parties (by checking the box in the section below), we share information:

A) For everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, or report to credit bureaus.

B) For purposes of processing a sale or lease transaction as your request or authorize, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract or verifying insurance coverage information.

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I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.
  1. Dan Young Chevrolet Buick GMC

    875 East Jefferson Street
    Tipton, IN 46072

    • Sales: (765) 513-3065
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  • Contact our Sales Department at: (765) 513-3065
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