Applying for an auto loan shouldn’t be a daunting task. Learn all about our car loan requirements below and increase your chances of getting approved the first time around.
Car Loan Requirements
Planning for & Financing Your Next Ride
Basic Car Loan Requirements
Before you apply, it’s good to know what factors will influence your chances for approval. Different car loans have different requirements, but in general, they all share a few basic requirements.
Your credit report is the number one influence on your application (and your interest rate). No surprises there: most loans, from personal to real estate, look at this number first. Lenders use this information to determine whether you’re a responsible borrower.
In most cases, a credit score of around 600 or higher is needed for approval. But if you don’t have good credit, don’t worry: at Greater Nevada, we offer loan options for less-than-perfect credit and first-time car buyers with little or no credit history.
Along with your credit score and credit history, lenders also look at your debt-to-income (DTI) ratio. This figure helps determine whether you’re in a good place, financially, to support your prospective monthly auto loan payments.
Interested to see where you stand with your credit report? Greater Nevada members can take advantage of our free My Credit Health feature within Digital Banking offering a powerful one-stop-shop to access your credit score, credit monitoring, credit score simulator, financial tips, and more. All of this without impacting your credit score, and all online.
Most lenders want to know you have the income needed to afford your new auto loan. If your income is too low, or if you have a lot of debt obligations, you’ll likely have a hard time affording your monthly payments. We’ll ask to see bank statements, as well as proof of other income sources like social security, alimony, child support, pay stubs, and legal settlements.
To get a car loan from our credit union, you’ll need to qualify for membership which is open to anyone who lives or works in Nevada’s 17 counties, or you’re an immediate family member to someone who does. Most financial institutions will want to know who you are before they lend you money. Proving your identity and place of residence is easy: just include a valid ID with your application, like a driver’s license or other government-issued ID.
Ideally, by the time you start putting together your loan application, you’ll have already picked out a vehicle. (This isn’t required if you’d like to get pre-approved first, to know what you can afford before you start shopping.) If you have your eyes set on a car or truck when it comes time to apply, then your lender will need details about that vehicle in order to prepare your offer: the make and model and year, the purchase price, and the VIN, to name a few.
Financing through a dealership? The dealer will usually communicate with lenders on your behalf. But if you’re buying from a private party seller, then you’ll need to ask for the above information yourself, plus mileage, liens, and the original title.
Every driver needs insurance. Be prepared to show proof of coverage with a quote when you’re putting together your loan application. If you’re new to driving and don’t have insurance yet, or you simply want to see if you can get better coverage or rate, then we suggest you request a no-obligation quote from Greater Nevada Insurance, a subsidiary of Greater Nevada Credit Union.1
Car Loan Application Process
Everything is Greater when you choose our credit union–including applying for your next auto loan. We make the process short, sweet, and simple so you can get on the road sooner.
1. Determine Loan Needs
This is the fun part: picking out the vehicle you want. Along with the purchase price, you’ll need to consider what other factors could influence your monthly payments (like insurance, maintenance, and other debt obligations).
2. Gather Documents Needed
Every lender requires a few basic documents for auto loan applications: personal ID, proof of insurance, proof of income, and more. Check the section above or contact us for more details.
3. Apply for a Car Loan
It’s time to assemble your application. With the requirements we mentioned before satisfied, and your documents gathered, you can apply for a car loan online or over a phone call through our lending hotline at (855) LIV-GR8R.
Calculate Your Car Loan
To buy, or not to buy–that is the question (especially when you’re applying for an auto loan). Leasing can be a comfortable option for some drivers, while buying is the better fit for others. Learn what makes the most sense for you with our handy calculator–or, if you decide to buy, learn what you can expect from your loan. Looking for the best of both worlds? Explore our Payment Saver Auto Loan.
Hit the Road – Apply Today
Start your application online or give our lending experts a call to help with your new auto loan.
More Car Loan Resources
You’re never limited to one kind of auto loan at Greater Nevada. Rebuild your credit, lower your payments, or refinance–it’s all possible when you choose us. Explore different types of car loans below.
Traditional Auto Loan
Buying a car is simple and straightforward with this standard car loan, offering competitive rates and flexible terms.
Payment Saver Auto Loan
Drive it like you own it, pay it like you lease it. Enjoy the freedom of lower monthly payments up to 40% less than conventional loans with this flexible and convenient loan option.
First-Time Car Buyer Loan
New to car financing? Start building your credit history with an auto loan designed to help you get started on the right foot.
Credit Rebuilder Auto Loan
If you’re getting back on your feet financially, learn more about our car loan to get behind the wheel and rebuild your credit at the same time.
Car Loan Refinance
Looking to take advantage of a lower annual percentage rate (APR) and possibly lower your monthly payments by refinancing your existing auto loan? We’re here to help you out.
1Available insurance products are not deposits of Greater Nevada Credit Union and are not protected by any type of deposit insurance, are not obligations of or guaranteed by Greater Nevada Credit Union or its affiliates, and may be subject to risk. Insurance products are not insured or guaranteed by the National Credit Union Administration (NCUA) or any other agency of the United States. Any insurance required as a condition of the extension of credit by Greater Nevada Credit Union need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the customer’s choice.