What to Expect When Financing a Vehicle | Ruston, LA
We’re so excited that you’ve decided to purchase or lease one of our incredible vehicles! While the process of getting your new car is scary, we’re here to walk you through financing your new vehicle . When you come into Karl Malone Toyota of Ruston, we want to make the financial process as seamless as possible. Many customers have questions pertaining to their vehicle and the things they need to do before taking it home. While you may have questions of your own, we encourage you to take a look at some of the questions below to see if you have the same. And if you’re still in need of answers, you can come right on down to our dealership and our associates will answer any questions you have. So keep reading below to learn what to expect when financing your vehicle:
What do I need to do beforehand?
Before shopping for your next new or used Toyota, ask yourself these questions:
What’s my credit score?
The higher your score, the better chance you have of qualifying for a lower interest rate.
What are the interest rates lenders are offering?
Before you start the financial process, research multiple institutions to find the best price. You’ll make a stronger case in negotiation and, if you’re pre-approved, you’ll be more likely to secure the interest rate you want.
What can I afford?
Make sure you know your credit score before coming in. When you know your credit score and have an idea of the interest rate you’ll receive, you’ll be able to use our payment calculator to determine your monthly payments.
What documents do I need to bring?
Proof of income.We will need 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.
Credit and banking history.You’ll need to have any information about your financial obligations or other outstanding loans with you. This includes mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments as well.
Proof of residence.Bringing a mortgage statement or any piece of personalized mail will serve as proof of residence.
Proof of insurance.A valid insurance card should be brought so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new car.
And if you decide to finance with another lender and not our finance department, you’ll want to bring proof of your approved loan, too.
What determines my loan terms?
It varies depending on the customer. Normally, an auto loan lasts between three to five years. Our finance team here at Karl Malone Toyota of Ruston will run a credit check and ask you income-based questions to help determine your credit-worthiness. We can then determine your interest rate based on how secure your finances are, like how much manageable debt you have, what your income is currently and whether you’re in good standing with your insurer. If you're in good standing and your credit score is high, then more likely than not you’ll be in a great place. If you’re scared that your credit history is bad, please don’t shy away from coming into our dealership. Our team has worked with a lot of credit histories and different scores, so come see us and we can figure out what’s best for you.
Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance in Ruston, LA, drop by Karl Malone Toyota of Ruston at 1001 N. Service Road East Ruston, LA 71270 for a test drive. We look forward to serving our customers from Monroe, Shreveport and Bossier City.