Vacations are fun ways to build family experiences that can create laughter, adventure and lasting memories. For example, in the comedy RV, Robin Williams plays Bob Munro, a dad who is trying to bring his family together for a vacation. The movie shows the hilarious side of what can happen when a family travels together on an RV adventure! Whether you are considering a car, pick-up truck, boat, motorcycle or RV for summer fun, it’s important to shop around for the best deal on your loan before signing on the dotted line. Q: How do I go about securing financing for a new vehicle? A: A number of lenders offer vehicle financing through installment loans. Be sure to talk to your local financial institution to find out what type of rate they can offer. Q: What information do I need to take to my bank before I apply for a vehicle or installment loan? A: The following items will be required to complete your loan application:
- Proof of income (such as recent pay stubs)
- List of debt owed, such as creditor, amount owed and account number
- Vehicle Identification Number (VIN) for the vehicle
- Basic information about the vehicle such as year, make, model and mileage
Installment loans are also used for debt consolidation. If you are interested in a debt consolidation loan, your financial institution will want information on each of the creditors you intend to pay with the loan proceeds.Q: What types of variables exist when seeking a vehicle or installment loan? A: The age of the vehicle or the number of hours the vehicle has been used, such as for a boat, are major considerations when determining the maximum term of the loan. Your credit history will also be considered before a loan is authorized and what type of rate they can offer. Q: What are the benefits of getting a loan from a financial institution? A: Your local financial institution knows you and can best understand your goals. In addition, most financial institutions will offer a reduced rate when you sign up for auto-payment of your loan through your account. You may also be eligible for additional offers based an increased relationship above your deposit (checking or savings) accounts. Q: How do I get started? A: Once you have conducted your research, reviewed your budget and identified the vehicle you would like to purchase, take the information noted above to your local financial institution to discuss possible loan options. From there, your local banking expert can answer any questions you may have about the process.
Denise Wheaton has served as a senior vice president with Independent Bank since 1987. In her service at Independent Bank, Wheaton helps manage the bank’s assets and network of full-service banking and loan offices. Regionally, Wheaton offers community banking leadership to 22 markets, and directs branch and retail administration.