What to Expect When Financing a Vehicle | Mobile AL | Near Gulf Coast, Daphne & Spanish Fort

Questions on financing a vehicle? We have the answers.

What to Expect When Financing a Vehicle in Mobile, AL

Our team would like to congratulate you on the purchase of your new Lexus or your pre-owned car from Lexus of Mobile, and our friendly sales staff is ready to help you every step of the way. Financing your new or pre-owned vehicle should be a stress-free part of the car-buying process — and we want to help make sure you get this type of experience at Lexus of Mobile. To ensure that your financing experience is as seamless as possible, we’ve put together a to-do list of documents to bring and terms to know, so you will feel prepared as soon as you step foot on our lot. When you come in for a consultation, our team can answer any questions or clear up any confusion you may have regarding the financing process. Let’s get your luxury experience started.

What do I need to do beforehand?

Before shopping for your next new or pre-owned Lexus, ask yourself these questions:

1. What’s my credit score?

The higher your score, the best chance you have of qualifying for a lower interest rate.

2. What are the interest rates lenders are offering?

Research several institutions before starting the finance process. You’ll make a stronger case in negotiation and, if you’re pre-approved, you’ll be more likely to secure the interest rate you want.

3. What can I afford?

If you know your credit score and have an idea of the interest rate you’ll receive, use an online payment calculator to determine your monthly payments.

What documents do I need to bring?

You’ve decided on the vehicle you want to purchase or lease. These are the four primary documents you will need to bring with you to the office:

1. Proof of income.

We will need copies of your pay stubs from your last month’s checks and a summary of what you’ve been paid to date in the past year.

2. Credit and banking history.

The more information you can provide about your obligations and loans, the more accurate the process will be. Mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.

3. Proof of residence.

A mortgage statement or any personalized mail will count as proof of residence.

4. Proof of insurance.

Bring a valid insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new car.

And if you decide to finance with another lender and not our finance department, you’ll want to bring proof of your approved loan, too.

What determines my loan terms?

When you receive financing, your terms will depend on a number of factors: credit history, credit score, income and present debt. Your finance application – which you submit after completing our secure online form – also plays a role in determining the terms we can offer you. After receiving your completed application, we’ll run a credit check and ask you income-based questions to determine your credit-worthiness. Remember that a higher credit score helps to improve terms, but don’t shy away if it’s not where you’d like it to be. Our staff of friendly financial experts has worked with various credit histories before; complete our finance form today and see how easy financing through us can be.

Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance your vehicle in Mobile, AL, drop by Lexus of Mobile at 3024 Government Blvd, Mobile, AL 36606 for a test drive. We look forward to serving our customers from Gulf Coast, Daphne and Spanish Fort.