4 Things You Need When Purchasing a New Vehicle

January 13th, 2020 by

When you visit your Hyundai dealer in Muncie to purchase your dream vehicle, it can feel like an overwhelming process. When you have finally chosen the right vehicle for you, there are many documents and contracts to sign, decisions to make, and more. But, before you can even step towards the closing table, there are a few things you need. In this article, we will talk about four things you will need when purchasing a new vehicle from a Hyundai dealership in Muncie.

1. Down Payment

A down payment is one of the first things you will need to make a vehicle your own. While there is no rule that you need a specific amount of money for your down payment, most experts recommend that you provide at least 20% of the vehicle’s purchase price. However, you can also provide a trade-in vehicle as well for a down payment. Just remember, that the more money you have for a down payment, the lower your monthly payments and often, the shorter your loan term length will be.

2. A Good Credit Score

When financing a vehicle, one of the first things your lender will look at is your credit score. This gives the lender an idea regarding your financial habits and can give them confidence that they can lend such a large amount of money to you. While you don’t need a perfect credit score to purchase a vehicle, the higher your score, the better interest rates many lenders will offer. By having a lower interest rate, you can save hundreds and even thousands of dollars over the course of the loan.

3. Proof of Income

In addition to having a good credit score, lenders want to know that you can pay back the loan that they offer. To do this, you will need to provide proof of income. While there are many different ways that you can do this, most lenders ask that you provide copies of pay stubs for the past month or past several months. You will want to work with your lender to determine the exact documents they need as some may have very specific requirements when it comes to the documentation required.

4. Proof of Insurance

In the United States, you will need to purchase an insurance policy for your vehicle. In many cases, dealerships will not hand over the keys of the vehicle until the new owner has shown proof of insurance. If you are in the market to purchase a new vehicle, call your insurance agent to discuss what is needed to put the new vehicle onto your current policy and talk to your salesperson about the type of paperwork or documentation they need to show proof of insurance.

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