Are you thinking about purchasing a Land Rover vehicle? Learn about Land Rover financing to help you find the right car loan for a new Land Rover vehicle. Before visiting the dealership, one essential step is to learn how much you’re eligible to borrow by getting pre-approved.
What is a Pre-Approved Car Loan?
A pre-approved car loan is a finance offer from a lender before purchasing a new or pre-owned car. The funds are not received but show you how much money you can borrow and an estimated interest rate. This allows the buyer to learn their budget, making it easier to choose the right vehicle. However, a formal loan application still needs to be completed to get the money to finance your new vehicle.
Required Documents
To get pre-approved for a car loan, various documents are required. Ensure all information is gathered to simplify the process. A lender will typically ask for the following:
- Personal information
- Proof of income
- Employment information
- Social Security Number
- Outstanding debts
- Previous federal tax returns
- Bank statements
Learn Your Credit Score
A credit check is required to determine car financing loan terms and interest rates. We recommend reviewing your credit score before getting preapproved. Many lenders have minimum credit scores that must be met; if not, the loan will be rejected.
Apply for Pre-Approval
Many lenders allow accessible online applications. However, a preapproval can result in a soft inquiry that will not impact a credit score or a hard inquiry on your credit report, resulting in a lower credit score. Contact the lender to verify the type of inquiry the preapproval will have on your credit.
Learn More About Getting Approved for Land Rover Financing in Jacksonville, FL
Do you have more questions about getting pre-approved? Our Land Rover Jacksonville finance team will gladly answer your questions. Contact us or visit us today!