Tips on How to Get Approved for a Car Loan

Absolutely! Our Honda financing team in Oklahoma City is on site to help you with everything you need to finance your vehicle. In addition to their expert knowledge of all of the different financing programs and options, they have an extensive network of auto lenders, such as banks and credit unions. They are perfectly equipped to provide you with everything you need to finance your new vehicle.

Do you want to be pre-approved for a specific dollar amount? Or are you looking to finance dream car. Whichever you prefer, our Honda financing team is ready to help you throughout the process.

Getting approved for an auto loan takes a lot of factors into consideration including your credit history report and your annual/monthly income. While there is not a one-size-fits-all process that will guarantee auto loan approval for everyone, these preparation steps can lower the difficulty level of the approval process.

To get a jump-start on the process, we recommend filling out the dealership’s online financing application before you make the trip to the dealership. When you’re ready to head to the showroom, be sure to bring the following:

• Valid driver’s license
• Proof of income (paycheck stubs and/or bank statements)
• Three to five personal references (name, address, and phone numbers)
• Down payment (if needed)

Yes, it is possible to get a car or truck loan approval even after bankruptcy, depending on a few factors:

• Was the bankruptcy a Chapter 7 or Chapter 13 filing?
• Has the bankruptcy been discharged or are you still in bankruptcy?
• How was your credit history before filing for bankruptcy?
• If you do not have a letter from your trustee, you should obtain one.

For a more detailed explanation of how you can get a post-bankruptcy car loan approval, we recommend taking advantage of our financing manager’s auto loan expertise with a quick phone call to (405) 753-8700. There’s no one better equipped to help you find the best ways to get approved, even after bankruptcy.

It’s always a good idea to come to the dealership prepared for the financing process with the following documents:

• Valid Driver’s License
• Proof of Income:
  • If you’re a W2 Employee you’ll need:
    • Recent paycheck stubs
    • If you’re a new employee, a proof-of-employment letter from your employer is a good idea
  • If you’re self-employed you’ll need:
    • Bank statements
    • Tax returns
    • Three to five personal references (name, address, phone number)

These are general documentation requirements. For answers more specific to your circumstances, call one of our team members. We’re more than happy to answer all of your questions and concerns as accurately as possible.

Financing a second car loan is more common than you might think. There are several factors lenders look for when considering financing two or more vehicles at a time:

• Your credit history
• Your debt to income ratio
• Whether you have a cosigner
• How long you have had your current car loan

For more details, we recommend contacting the dealership financing manager to discuss specifics unique to your circumstances.

Yes. It’s actually easy to get approved through our finance programs. Most car manufacturers are eager to help their customers build or rebuild their credit by offering financing programs and deals exclusively through Honda dealerships.

Absolutely! Bob Howard Honda helps secure these types of loans all the time. If you are self-employed or an independent contractor (a ‘1099 employee’), all you’ll need to bring as proof of employment is the last three months’ of bank statements, the last two years of income tax returns, and your government issued ID.

Co-signers are not mandatory for first-time car buyers. It really all depends on your credit history and income. That said, it’s never a bad idea to have someone in mind as a co-signer in case you do need one.

You may be surprised by this answer, but in most cases, it is possible to get approved for another car loan after you’ve had a repossession. You’ll most likely need a co-signer or a substantial down payment but there are always options for auto loan approval, even after a repossession. For more details, speak to one of our auto financing managers.