What Do I Need to Finance a Car? Your Guide to a Successful Vehicle Purchasing Process

If you are looking to buy a vehicle for the first time, there is no doubt that you will have questions about the process of financing. Though the thought of qualifying for an auto loan can feel intimidating for first-time buyers, you’ll be happy to learn that all in all, financing a vehicle is relatively easy to do. But what information do you need to finance a car? With a little research, being prepared to finance a car is easier than you’d expect.

At Ontario Chrysler, we are the Ram, Chrysler, Dodge, and Jeep dealership Toronto residents turn to when looking to find and finance the most-in-demand and exclusive vehicles. We know that the car-buying process can feel overwhelming for many buyers. In this post, we help you answer the question, what are the requirements for financing a car. Use this guide to help you be prepared to find your next Jeep Wrangler or Ram 1500 for sale in Toronto within our inventory.

Also, see our post, How Does Buying, Leasing, or Financing a Car Work in Canada? What New Car Buyers Need to Know, for helpful information on the car buying process.

What You’ll Need to Have on Hand to Finance a Car

Successfully financing a new vehicle is a straightforward process. If you’ve ever applied for any type of financing in the past, financing a vehicle will likely be a very similar process. If you want to know, what do I need to bring when financing a car, we’ve got you covered. Make sure to bring the following with you when you are ready to get into the vehicle of your dreams.

• Proof of identity and residence – a government-issued ID is generally suitable for providing identity, and a utility bill with your name on it should be sufficient for proof of residence.
• Proof of income and credit history – your lender will run a credit check to obtain your credit history, and a letter from your employer may be required to prove income.
• Proof of insurance – you will need proof of insurance to complete the financing process and purchase a vehicle.
• New vehicle information – your dealership should provide the lender with all applicable vehicle information.
• Trade-in information when applicable – if you are trading in a vehicle, you will need information regarding that vehicle, your dealership can help.
• Down payment when applicable – if you are providing a down payment, you will need this in order to complete your financing agreement.

Keep in mind that not all of these items will be needed for the initial approval of an auto loan. However, when it comes time to complete the financing and purchase your new vehicle, all of these will be required. To get an idea of what you might qualify for, you can apply for auto financing online.

Will I Be Approved for the Vehicle I Want?

If you are looking to find a Jeep Wrangler for sale or are hoping to get into a Jeep Grand Cherokee, you might be wondering what your chances of approval are. Though there are many factors that can influence what you may qualify for, having a good credit history and being prepared with a down payment can help to improve your chances. However, we can always help you obtain the financing you need regardless of any unique circumstances you may have.

Can I Finance a Car with Bad Credit?

Buying a new vehicle doesn’t have to be complicated and buyers with all credit histories can be successful in obtaining financing. See our post, Tips for Buying a Car with Bad Credit, for more information on obtaining auto financing when you have poor credit history.

At Ontario Chrysler, we can’t wait to help you get into the Jeep, Dodge, Ram or Chrysler vehicle of your dreams. Contact a member of our team today and discover how we can help make the financing process easier.