How Do I Qualify for a Car Loan?

If you are shopping for a new or pre-owned car in the greater Phoenix area, you’ll almost certainly need to know how to qualify for a car loan. Educating yourself on the process and requirements will help you shop with confidence.

 

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The likelihood of securing a loan depends on your credit score, your income, your down payment, and your overall credit history. Read ahead to learn more about the ins and outs of qualifying for a car loan, and contact our finance department with any questions you may have.

 

What Do You Need to Qualify for a Car Loan?

Having the essential paperwork together before you apply for a car loan will save you time and help you to avoid any hassle. Here’s what you need to qualify for a car loan with any lender:

  • Proof of Identify: Acceptable documents include one with your picture and signature on it, preferably a government-issued driver’s license or passport. A recent utility bill or bank statement may be required to corroborate your ID. Check with the lender ahead of time to find out what document they prefer.
  • Proof of Insurance: Having car insurance coverage before purchasing a vehicle is required by law. 
  • Proof of Income: Income requirements are not typically strict, but you need to prove that you can repay the loan. A bank statement, paystub, or W-2 form provides this information.
  • Proof of residency: Again, a recent utility bill or bank statement will provide proof of residency. Lenders need to be able to locate you if you default on the payments.  

If you’re worried about your chances of approval with a local bank or credit union, it’s a good idea to learn more about our in-house financing opportunities.

 

How to Trade-In a Vehicle

Many Phoenix drivers opt to trade in their older vehicle when buying a new car. Jaguar North Scottsdale will buy your used car from you as part of your new car deal. You can research the value of your trade-in, but we will appraise the car before buying it. You will need the following documents: your driver’s license, title and registration, and loan sign-off (if you were financing the car previously) to trade in your old car.

 

How to Secure a Low Interest Rate

It is one thing to get approval for the loan and another to get a reasonable interest rate. Low and no-credit loans are available, but they tend to have higher interest rates attached. A high-interest rate can bump the payments up to a number that does not fit your budget. Luckily, there are ways to improve your credit score, including: 

  • Paying off outstanding loans
  • Making extra payments to lower outstanding balances on credit cards
  • Making on-time payments every month

A small effort on your part can have a significant impact on your credit score, making it possible to secure a lower interest rate.

 

Apply for an Auto Loan at Jaguar North Scottsdale Today!

Jaguar North Scottsdale is ready to help you finance or lease your new car with ease so you can enjoy your new ride in Scottsdale and Peoria. If you have any questions before visiting, contact our sales staff or our finance department. After checking our new vehicle incentives and pre-owned specials, all you need to do is let us know which model has caught your eye.

 


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18100 N Scottsdale, Phoenix, AZ, 85054

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Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Fri9:00 AM - 7:00 PM
  • Sat9:00 AM - 6:00 PM
  • Sun11:00 AM - 5:00 PM
Service Hours:Special Hours
  • Thanksgiving DayClosed
Regular Hours
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat8:00 AM - 4:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat8:00 AM - 4:00 PM
  • SunClosed
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(855) 559-3222

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18100 N Scottsdale • Phoenix, AZ 85054

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Today's Hours:

Open Today! Sales: 9am-7pm

Open Today! Service: 7am-6pm

Open Today! Parts: 7am-6pm

Jaguar North Scottsdale 33.650245, -111.9262896.