What to Expect When Financing a Vehicle

Your Financial TO-Do List Before Buying a New Vehicle

What to Expect When Financing a Vehicle in Eugene, OR

We know you’re eager to buckle up in your dream Volvo, but first we have to take care of the financing process. Luckily for you, Volvo Cars Eugene makes every step seamless and simplified. Our finance team understands that the various paperwork can get overwhelming, but we’re here to walk you through it all from start to finish. We’ve even compiled a list of to-dos you can follow so that you won’t forget any important documents you need to bring and terms you should be aware of. As always, if you have any further questions after reading, contact us and we’ll be happy to answer them.

What do I need to do beforehand?

Before you embark on your car-buying journey, you need to ask yourself the following crucial questions:

What’s my credit score?

The higher your score, the best chance you have of qualifying for a lower interest rate.

What are the interest rates lenders are offering?

Conduct thorough research before you start the finance process. You’ll gain stronger negotiating power, and if you’re pre-approved, you’ll be more likely to secure the interest rate you want.

What can I afford?

If you know your credit score and have an idea of the interest rate you’ll receive, utilize an online payment calculator to determine your monthly payments.

What documents do I need to bring?

Found the vehicle of your dreams? Make sure you have these vital documents before you show up to complete your purchase with us:

Proof of income.

Bring copies of your pay stubs from your last month’s checks and a summary of what you’ve been paid to-date in the past year.

Proof of residence.

This can be a mortgage statement or any personalized mail with your current address on it.

Credit and banking history.

Bring information about your financial obligations or other outstanding loans. This can include mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.

Proof of insurance.

Bring a valid insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new car.

Additionally, if you decide to finance with another lender instead of our finance department, you’ll have to bring proof of your approved loan, too.

What determines my loan terms?

There are numerous factors that go into your loan term, including your credit history, credit score, income, any lingering debt and whether you’re in good standing with your insurer. Plus, your finance application has a big influence on the terms our dealership gives you. Once we receive your credit application, our finance team runs a credit check and will ask you questions based on your income to determine your credit-worthiness. Typically, the higher your credit score is, the better your loan terms will be. However, even if you’re not content with your credit score, don’t hesitate to reach out to our experts — we’ve worked with many guests with varying credit histories, so we can guide you in the right direction. What are you waiting for? Fill out your credit application today to get the wheels rolling toward your new ride.

Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance in Eugene, OR, drop by Volvo Cars Eugene at 89320 N Game Farm Road, Eugene, OR 97408 for a test drive. We look forward to serving our customers from Roseburg, Springfield, Coos Bay and Florence.