How Do I Apply for a Car Loan?

Apply for Financing
Finance Department
Get Pre-Approved

Gearing up to apply for a car loan near Madisonville, Owensboro, and Henderson, KY? If so, we here at Watermark Toyota of Madisonville want to help you through the process.

On this page, you will find a few of the most important steps in the car loan application process, along with a few of our useful resources. As you read ahead, feel free to contact us with any questions!

What Is Included in a Car Loan?

When buying a car, most shoppers make a down payment and take out a car loan to cover the remaining cost of the vehicle. Then, they make monthly payments, including the APR (annual percentage rate), which includes the interest rate and any additional fees from the lender, until the car is paid off in full.

Along with the APR, when buying a car, there is also a state sales tax and a registration fee.

Another factor that determines the monthly payments for a car loan is the term or period of time you have to pay it off. Most car loans last between about 36 and 72 months. The car loan agreement identifies the amount of each monthly payment and the number of payments you will make.

Check Your Credit Score

Knowing your credit score is a vital step in the process of applying for an auto loan since it determines the interest rate that you can get and how much you can borrow from the lender. There are lots of free options for safely checking your credit score online, such as:

  • Credit Karma
  • AnnualCreditReport.com
  • CreditWise

If you would like to work on improving your credit score before applying for an auto loan, you can check out our Tips to Improve Your Credit Score.

Get Pre-Approved

To help you begin the auto loan process from home, we offer a convenient and secure finance application that you can use to get pre-approved online. This will show you the loan amount and rate you can expect.

Once you have an idea of your auto loan offer, you can set your price range for your next car. With our virtual finance tools, you can quickly narrow in on a vehicle that suits both your lifestyle and budget.

Use Our Virtual Finance Tools

With our payment calculator, you can compare car loan estimates for your top choices. Plug in your estimated or preferred interest rate, car loan terms, trade-in value, and down payment to view your options.

If you would like to trade in your current set of wheels, you can also use our value your trade form to check its worth. Then, you can apply its value towards the down payment, which reduces the amount you will finance with a car loan.

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Enjoy Our Exclusive Benefits

At our dealership, we want to set you up for success before you even take the wheel. That’s why new models and qualifying used vehicles in our inventory include our Warranty Forever® powertrain coverage. It includes service for components, like your engine, transmission, and drive assembly, and lasts for as long as you own the vehicle.

Apply for Your Next Car Loan Today

Ready to jumpstart your automotive journey around Madisonville, Owensboro, and Henderson, Kentucky? If so, navigate to our finance application to get pre-approved for a car loan today. Then, contact us at Watermark Toyota of Madisonville with any questions or to schedule an appointment with one of our knowledgeable finance associates!

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