How to get Approved for an Auto Loan during Covid-19
When to apply:
● Lack of an Emergency Fund
● Job Loss
● Health issues
How to apply:
Decide your budget
Remember that when you borrow money, you don’t just pay back the original loan, you also pay interest the money you borrow.
Think about how much you want to spend monthly on your vehicle. Use this tool to estimate your monthly or bi-weekly car loan payments immediately. After you have entered the required information, you can adjust the length of the loan, interest rate and down payment to see how those changes can raise or lower your car loan payments.
Check Your Credit
To check your credit score obtain updated credit reports from credit reporting agencies such as —Equifax, Experian, and TransUnion—before you apply (don’t worry, this will not impact your credit score).
Get preapproved for a loan
Once you land on a lender with terms you’re comfortable with; another good step is to get preapproved for the loan. This means that the lender has given you a quote for the loan. This typically includes the loan amount up to a certain dollar amount.
Determining your budget and checking your credit is just the start of your application process. Auto loans is here to help you get approved! We are committed to assisting our Customers affected by COVID-19. For any questions or concerns regarding refinancing your Car Loan, please visit us at autoloans.ca