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Additional Services
Vehicle Services
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Auto Loans | First Time Buyer
What three things will the Lender look at when approving my Loan?
- Credit. Credit is your payment history that appears on your credit report. Lenders look to see that you have paid your bills on time.
- Collateral. Collateral is a tangible asset such as a vehicle that is pledged to secure a loan. The existence of collateral reduces the lenders risk and usually results in lower rates for the borrower.
- Capacity. Capacity evaluates your current ability to repay your obligations plus the new credit applied for. This is generally measured as your debt-to-income ratio. It is calculated by taking your total monthly debts and dividing by your gross monthly income.
What is a conditional approval?
A conditional approval is an approval based on the information provided on the application subject to verification.
How long does the process take?
If you application requires additional review, you will receive a response within 24 business hours.
Other tips:
- Check to see if the manufacturer or dealer is offering a “recent grad” discount or rebate.
- The seller or dealership will require proof that you have obtained automobile insurance. Shop around for the best rate.
- Avoid impulse buying. Do your homework before making your purchase.
- Maintain good credit -visit our Credit Management section for more information
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