What to Expect When Financing a Vehicle in Cookeville, TN

Everyone loves an upgrade, and getting behind the wheel of a new-to-you vehicle is a great feeling. But before you even start shopping at the dealership, there are a few things you should know if you plan on financing your vehicle. We've made a list of what to expect before and during the financing process so you can be prepared. Find out how you can save yourself time and stress at the dealership below.

What to do beforehand.

Do you know your credit score? If not, you can visit www.AnnualCreditReport.com and request a free report from TransUnion, Experian and Equifax. Knowing your credit score is the first step to financing your vehicle. The better your credit score, the better your chance of qualifying for a lower interest rate. 

Find out what type of interest rates to aim for. Researching the interest rates that other institutions can provide will help with the negotiation process. It's also important to determine what you can afford. Knowing your credit score will help you stay within your ideal budget.

Ready to get started? Save time by getting pre-approved in just three steps! You can also fill out our finance application today and try our payment calculator to determine your estimated monthly payment.


What you need to bring with you.

Before you come to the dealership, make sure you have these four documents with you:

1. Proof of income
Gather copies of your pay stubs from last month and what you've been paid to-date the past year.

2. Credit and banking history
Bring proof of credit and banking history, including any outstanding loans or financial obligations and any information to show how you've handled your finances in the past. This may include the following: mortgage or lease agreements, alimony or child support payments, credit card statements or bank statements.

3. Proof of residence
Bring proof of your current residence. Typically, personalized mail or your mortgage statement are enough to provide reasonable proof of residence.

4. Proof of insurance
You must show proof of your auto insurance and that your insurance company is aware of your new purchase. In addition, if you choose not to finance with the dealership, you'll want to bring along proof of your loan.

Know what determines the loan terms.

Most auto loans last between three to five years. Your lender will run a credit check and ask questions about your income. The lender will determine your interest rate based on how secure the lender perceives your finances to be. If you have a solid credit score, manageable debt, a good standing with your insurer and a high income, you should qualify for a lower interest rate. If not, you can determine your monthly payments based on a higher interest rate.

If you’d like to purchase a vehicle or want to know more about how to finance your quality used vehicle, stop by Overdrive USA at 1510 Interstate Dr, Cookeville, TN 38501 for a test-drive. We look forward to serving our customers from Cookeville, TN, and Crossville and Sparta!