What Are the Steps of Getting Car Loans in Oregon?
Everyone should feel like they have access to owning a vehicle. Having your own car gives you flexibility and control over how and when you get places, and it provides you with a sense of freedom that you can’t get with public transportation. But not everyone has the funds to purchase a car on their own. That’s where a car loan comes in.
Car loans in Oregon are competitive, but financial institutions are often offering deals and unique rates to make sure a car loan is possible for nearly everybody. Some Oregon credit unions, like Rivermark Community Credit Union, are known for having low rates and excellent customer service. With nearly 70 years of experience offering superior financial services in Oregon, Rivermark has been a popular option for many people looking to get a car loan in our great state.
With a credit union on your side, you could be approved for a car loan pretty quickly. But you’ll still need to know how to get that loan in the first place. There are certain steps you’ll need to take before you’re approved, so we’ve put together this list to make things as easy as possible for you to get started.
Organize Your Credit
Your credit score will be one of the first things that financial institutions look at when you’re applying for a car loan. This number will give lenders an idea of how likely you are to be able to pay back your loan based on how well you’ve paid off previous debts. That’s why it’s important to make your credit score the best it can be before applying.
Though some lenders (like credit unions) are more likely to accept your loan application or work with you despite a lower credit score, giving it a look beforehand is still recommended. By doing that, you might be able to spot something incorrect that’s bringing your score down and take action to fix it. Not only will you want to check for inaccuracies, but you’ll also want to recognize whether any late monthly payments are heavily impacting your score.
If you’re unsure what your credit score is, there are numerous ways to check it. The three major credit reporting agencies (Equifax, Experian, and TransUnion) all offer a free copy of your credit score once annually. Figure out how you can improve your score now, and you’ll be much more likely to be approved for your car loan.
Once your credit score is looking its best, the next step you should take is to shop around for the best loan offer in your area. You shouldn’t just run to the first financial institution you can find when searching for a car loan in Oregon. Each institution will have different offers in terms of interest rates, fees, and terms, and you want to be sure you’re getting the best deal for you.
At Rivermark Community Credit Union, our APRs are some of the lowest in the state. And that’s not all we offer. There are also no application or loan fees at Rivermark, and we also offer 100 percent financing for many new automobiles.
When it comes to getting a car loan in Oregon, you’ll want to weigh your lenders’ options in terms of what you need specifically. Compare APRs, speak to customer service representatives and ask as many questions as you can. You’ll be dealing with that financial institution for years to come, so you’ll want to make sure you feel comfortable and secure in your decision.
Gather Your Paperwork
Once you’ve found the right credit union for you, the next step will be to gather your paperwork. Having all the necessary documents well-organized can make the process of applying for the loan much quicker, and it may even result in you getting approved faster.
Some of the documents you may need will involve personal information. First, things like identification and proof of residence are usually needed because financial institutions need to confirm you’re who you say you are so that they can process the loan accurately in your name.
The other documents will involve your finances. Most lenders will want to see proof of your income, as well as your credit score and financial history. They’ll want to be sure you’re making enough money to cover your day-to-day expenses as well as the monthly payment that comes with having a car loan. If they can see that you’re paying your other debts in a timely manner and that you’re bringing in a solid income, you’ll be more likely to get approved.
Lastly, lenders might want to see documentation about the vehicle you’re interested in buying. The make and year of the car may affect what kind of APR you’re eligible for. And If you don’t have a specific vehicle in mind, they may want to know what type of car you’re interested in.
Fill Out Application
Once you’ve figured out all the paperwork, your credit score, and which lender will serve your needs best, you’re ready to fill out the application. Credit unions like Rivermark make it easy for you to apply for an auto loan by having both many convenient Oregon branches to visit in-person and the option to apply online.
When filling out your application, you’ll have the option to add a co-borrower or co-signer should you need one. You’ll also be asked what type of term (in months) you’re interested in for repayment and how much money you’d like to borrow. There aren’t too many questions that need to be answered, but the ones that are asked are important.
Once your application is submitted and approved, you’ll be one step closer to getting the car of your dreams.
Questions About Auto Loans?
Our auto loan resources page can help you make informed decisions as you prepare to shop for a car or apply for an auto loan. And, as always, you can call Rivermark and speak directly to a lending expert by calling 503.626.6600.