Three Things to Know About Credit Checks and Car Loans in Brookings

by Einspahr Auto Plaza
3/27/2019 - Brookings, SD

Credit checks at Einspahr Auto  

Unless you've got some pretty deep pockets (or a really rich uncle), you probably need to apply for a car loan before buying your next vehicle. 

Unfortunately, the financing aspect about purchasing new or used cars for sale in Brookings can be confusing and may overwhelm some shoppers. The truth is, the auto loan process can be tricky, and we want to make sure you know what you're doing, especially where your credit score is involved. 

At Einspahr Auto, we offer auto loans for people with no or low credit, so we know what we're talking about. Read on to learn the basics of auto loans and credit checks. 


Three Things to Know About Credit Checks for Car Loans

Financing cars for sale in Brookings

Before you apply for a car loan (or any other type of loan), make sure you understand these three things about credit checks:  

1. Your Credit Score is a Key Factor – But Not the Only Factor

Your credit score is the first thing most lenders will look at when deciding what sort of auto loan to grant you. That's why it's a good idea to know what your credit score is before starting any negotiations. 

By law, you are entitled to one free credit report from each of the three national credit reporting agencies (Equifax, Experian, and TransUnion) every year. 

That said, while your credit score is undoubtedly important, it's not the only consideration in getting you a good auto loan. Other financial info such as your monthly income also comes into play. 

At Einspahr Auto, we do our best to get you the best interest rate possible on a car loan, even if your credit score is lower than you'd like it to be. 


2. Before Buying Cars for Sale in Brookings, Your Dealer Will Need to Pull Your Credit 

Once you've checked your own credit score and found a vehicle you love, your dealership will need to pull your credit report as well. 

There are a number of reasons why Bookings car dealers ask to run your credit report:

  • They need to know if you'll be able to pay for the car. 
  • They will use it to determine which loan rates and terms they can get you (which are almost always better than the ones you'll get from a bank). 
  • They are required by law to verify your identity before you buy, and running your credit report is the most efficient way to do that. 

Important note: Dealerships are not allowed to pull your credit report without your permission, so don't let that happen. You also don't want to get your credit pulled before you're ready to buy, as multiple credit checks could impact your credit score. 


3. Expedite the Approval Process by Applying Online

When you're finally ready to apply for a car loan, you've got a few options. 

Of course, you can visit your local Brookings car dealer and do it in person. If you want to expedite the process, you can apply for financing completely online! 

Here's what the Einspahr Auto financing application process looks like: 

  • Complete our secure online application
  • We'll contact you to review the results and the options available
  • Choose the best fitting financing for your budget
  • Drive off in your new (or new to you) vehicle!


Find Your Perfect Car and Car Loan at Einspahr in Brookings

Before you apply for a loan at all, you need to find a vehicle! At Einspahr Auto, you'll find the area's best selection of new FordsLincolns, and CDJR vehicles, as well as a great selection of used cars for sale in Brookings. 

Need help finding the right vehicle for your budget? We'd love to help you out! Send us a message and when you're ready to buy, complete the financing application online.