Important Questions to Ask Before Applying for an Auto Loan

If you have enough money to buy a vehicle outright, you are among a select few. Most people prefer to apply for and get an NJ auto loan in Neptune NJ. If, you are living near Freehold, West Freehold, or Lakewood the best place to get it from is Sansone Jr's NJ Auto Lending. Otherwise, the process can be stressful – dealership taxes, state fees and others can add up quickly. Financial experts recommend that you figure out what you can pay every month before buying. Factors such as credit scores, your current liabilities and net income have to be calculated. Here are some questions you can ask your auto loan lender to reduce anxiety.

Questions that your lender can help with

 As a first-time buyer, do I need a co-signer?

This depends entirely on your take-home pay and credit history. It is a good idea to have a backup plan when you are considering a loan from Sansone Jr.’s NJ auto lending program,

Should I get a loan before I pick a car or after?

It is always a good idea to get a pre-approved NJ auto loan because you know what you can afford. Again, your credit history and liabilities will decide what you are eligible for. You can also get a loan from any Neptune NJ dealership.

Can a self-employed person get approved for a car loan?

Yes. Every NJ car loan lender will work with you to get you the car you want. Proof of self-employment and a bank statement for the last 3 months, 2 years tax returns, and a valid ID will get you the loan you want.

What if I have a repo in my background?

This is not a deterrent for auto loan lenders. Sometimes people have repossessions in their background. If they get a co-signer for the loan and have enough money for a down payment, they can get a car. The dealership’s manager is the best source of information on this issue.

Can I get a second car loan approved?

It is not difficult to get more than one loan for a vehicle approved. Auto loan lenders take credit history, the amount due on current auto loan NJ and debt/income ratio into account before deciding. The dealership’s loan department or your credit union are good avenues for information.

Is it a good time to get a car loan?

This depends on what is going on with the economy. Before deciding to buy, check to see what current interest rates are and the length of a loan. If it is easy to get an auto loan in NJ, then you can apply. 

Should I lease or buy?

This is a big decision to make. Each option has its advantages and disadvantages. But the general consensus is that you should buy rather than lease. Your money is better invested when you buy. But if you don’t have enough money for a down payment, leasing is an option. 


Staying current on all payments and having a substantial down payment ready will help you to get a car fast. There are several online calculators that you can use to find out eligibility and payment amounts for the vehicle that you really want.