Earnhardt Auto Centers

Auto Loan Pre-Approval

HOW TO GET APPROVED FOR NOBULL FINANCING IN MINUTES

 

Getting auto loan pre approval for NoBull Financing is easier than you may think. We don’t gather excessive amounts of information when you go through our pre-approval process. It generally takes just a few minutes to find out how much money you qualify for.

When you have your pre approved loan, then all that’s left is to go shopping and finish the paperwork with Earnhardt Auto Centers or one of our dealerships. You click here to get approved for auto loan or call us at (480)-813-5555.

 


 

WHAT ARE TIPS AND TRICKS FOR MANAGING A CAR LOAN?

 

The first trick is to make a budget before you seek a car loan. You need to know how much money you have to pay a car payment each month. You also need to know how much additional money you will need for fuel costs, insurance, and maintenance. For best results, your auto  payment will not exceed 10 to 15 percent of your income.  The average amount is 11 percent of your income.  Then another five percent of your income or more is needed for ownership costs.  This is why getting a cheaper car to lower your payments is often recommended for those on a tighter budget.  An online loan calculator is the best way to get started. It will do the math that is needed to figure out how interest rates and the car’s price will affect your monthly payment.  This is a ballpark figure, but it is usually eye-opening for consumers who want to know exactly what will be happening in the loan process.

When you set up your loan, make sure to find a plan that will allow you to make payments easily. It is easiest to do everything online in such a way that you cannot miss a payment. Of course, this can be difficult if you have cash flow problems, but let’s assume that you can put it all online. By making it automatically, you won’t risk missing a payment. Missing even one payment can drive up the cost of your loan and make it harder to pay it off on time.

If you receive a windfall, such as a large reimbursement check, a small inheritance, or a tax return, you should ask your lender what would happen if you applied that amount to the principal of your loan. This needs to be done in addition to keeping your payments on time.  If you are allowed to do this, you could reduce the principal and lessen the interest payments.

 


 

HOW DOES A CAR LOAN WORK?

 

A car loan is determined by these elements.  The first is the cost of the vehicle. That is divided into payments. If a down payment is applied by the shopper, then the overall vehicle cost is lower, and that amount is divided.  To the principal amount, an interest rate is applied.  Over the course of the loan, the interest rate is compounded. This means that your payments go to pay the interest rate as well as decrease the overall amount owed for the car.  

Naturally, a higher priced car will have higher monthly payments. Likewise, a loan with higher interest rates will have higher payments.  You can reduce your monthly payment amount to make it more affordable. However, this increases how much you pay in interest charges.  Therefore, you want to get a vehicle with monthly payments you can afford for a shorter interval.  A 36-month loan is cheaper than a 48-month loan, and so forth.  That’s because the longer it takes to pay off the loan, the more the buyer ends up paying interest charges.

 


 

HOW DO I GET PRE-APPROVED FOR A CAR LOAN?

 

We highly recommend getting a pre approved car loan. This is how car shoppers learn how much they will be able to spend.  If you click on our pre-approval system, it will walk you through what you need.  Our car loan approval center has helped thousands, and it can help you find the best rates for your credit history.  

When you get pre approved by Earnhardt, this is called an auto loan pre approval soft pull because it shouldn’t affect your credit rating.  You may know this, but every time you take out a credit card or apply for a loan, your credit rating drops a little.  Since even a few points can make a difference, we make it a soft pull on your credit that doesn’t affect the score. 

Your pre approved loan is an agreement with us that we will help you find financing for your Earnhardt purchase. It does not commit you to the process. It only commits us to helping you.

 


 

WHAT IS THE BEST WAY TO SHOP FOR A CAR LOAN?

 

Shopping for a car loan can be difficult. It is hard to determine what the best rate is because there are different rates based on credit scores. Furthermore, there are different rates based on whether you are buying a new car or a used one.  Our certified-preowned vehicles may qualify you for new car rates, by the way.

At any rate, we do not recommend trying out different online car loan services because they are not local and don’t have a special program for Phoenix drivers. You don’t want to give your information to strangers.  You should pick a reputable business with brick and mortar stores. That way you have real people to discuss your loan terms with.  

When you use our services, we are shopping for a car loan on your behalf. Our trained staff and the systems they use are seeking out the best interest rate for you based on your credit score.  We realize that there are people who have been in bankruptcy, have never gotten a loan, or who have a very low score.  

Earnhardt Auto Centers knows how to find pre approved auto loan bad credit, poor credit or excellent credit. We do not discriminate against shoppers who have financial difficulties and need a bad credit car loan.  It is rare that we cannot find an acceptable loan for an Earnhardt shopper.

 


 

ARE AUTO LOAN RATES DIFFERENT FOR NEW AND USED?

 

Auto loan rates for new cars are better due to the fact that a new car is better collateral for a loan.  When it comes to collateral for a loan, naturally a new car is a better asset than a used car.

A new car is in top condition, ensuring the best long-term results for the car owner. Plus, a new car is in under warranty, ensuring that if something happens, the manufacturer will help with the expense of repairs. A used car often doesn’t come with a warranty. It isn’t in guaranteed factory condition. Therefore, lenders consider a used car a bigger risk than a new car.  If that risk is combined with a low credit score on the part of the purchaser, the interest rate is naturally higher.

If you choose the right certified-preowned vehicle, you may qualify for new car rates. This allows you to pay used car prices and lower the overall cost of your loan.  

This is not simply how Earnhardt Auto Centers does business. This is nationwide and industrywide.  We realize it is difficult for many used car buyers, and we do our best to utilize No Bull Financing to find them a better interest rate whenever possible.