What Do I Need to Bring to Buy a Car?

car-keys-new-carBeing at the point where you are ready to go to the dealership and officially buy that car you’ve been looking for is an exciting step! Getting a new set of wheel is exciting, but it can also be stressful. We want to help take away some of that stress for you. If you are ready to get that new car check out the items you will need to bring with you below.

License

This is something you will definitely need if you want to test drive a car and get a quote for that car. Don’t forget your license!

Current Pay Stub

A pay stub will be important if you want to get approved for an auto loan. Your credit score will be something that goes into the process of loan approval, but you will also want to show how much money you’re making in order to know how much your monthly payments can be.

Proof of Residence

This will also be a part of getting approved for a loan. A utility or cell phone bill will work great as a proof of residence document.

Insurance Card

Your car insurance information is something important to bring to the dealership so you can make sure you transfer your insurance and you are covered when you are driving your car home.

Any Trade Documents

If you currently have a car that you would like to trade-in, you can also bring any documents you have related to that. This could include a title or registration of the car as well as any documentation about your auto loan if it is not paid off.

If you remember to bring these documents to the dealership with you, it will help you speed up the process of buying your new car!

The Basics of an Auto Loan

car-loan-applicationEveryone needs transportation to get around, but cars and trucks can be expensive. Realistically speaking, you may need to take out an auto loan to cover the cost of your car up front. If you don’t know what to expect when getting an auto loan, it can be a stressful experience. Learn what you can before you need to get a loan and you will be prepared walking into that bank or dealership. Check out the anatomy of a car loan below and get the information you need to get your new set of wheels!

Down Payment

It is often necessary to put a certain amount of money down on a car in order to be approved for an auto loan. An average down payment is about 20% of the vehicle’s worth, but 10% down payments are also common. Down payments are important because the more money you put down now, the less you have to pay off later.

Interest Rate

The interest rate is the money that the lender makes off the loan. They give you the money to buy the car, but you have to pay them back a little bit extra. Your specific interest rate will be determined by your credit score. People with a higher credit score can get a lower interest rate, and the sooner you pay off the loan, the less interest you will have to pay.

Term of Loan

This is a very important factor to consider when taking out a loan. You want to make sure you have a good loan term because you will need to have an affordable payment every month. The longer your loan term, the less your loan payments will be a month, but the longer your loan term the more interest you will have to pay. A typical loan term is anywhere from 4-7 years, but you will want to pick a term that fits with your financial situation.

Vehicle Trade-in

This isn’t a necessary part of an auto loan, but if you do have a vehicle to trade-in, it could help you save some money on that new vehicle. The dealership can deduct the value of your trade-in from the price of your new vehicle, so you can get rid of your old car and get some money for it.

Why Buy From Us?

car-dealershipAt Toyota of Southern Maryland, we know that it is the people that make the difference. Our dealership doesn’t focus just on the cars, our real focus is helping people. We not only want to help you find the car of your dreams, but we want to make sure you’re satisfied.

Here at our dealership, our focus is you. We are a unique car dealership because we really try to think about what will be beneficial to our customers and then we make it happen for you. We offer plenty of unique services with you specifically in mind.

Some of these services include things like our 72 Hour Exchange Policy. This means if you buy any vehicle from us that you for any reason decide you don’t like, if it is within 72 hours you can come back and exchange that vehicle for another. We also have extended hours on Saturday because we know you work long and hard all week, and you might need those extra hours to really get the vehicle you want and need. We are also the home of the 6 month warranty, so we assure you that you get a good working vehicle.

As far as car dealerships go, we have the largest selection of New and Used vehicles in the area, as well as the largest selection of cars under 10,000. We feature aggressive prices because we check out our competitors’ prices so we can offer you the best one possible. We are also the only dealership to win the President’s Award. We are also a dealership that is involved in the local community.

You can buy a car from anywhere, but when you buy with us, we take care of you. There are a lot of reasons for you to shop at Toyota of Southern Maryland, so stop by today, introduce yourself and let us know how we can help you get into your dream car!