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Buying a new vehicle is an exciting venture. Regardless if it's new or new-to-you. There's the thrill of the test drive, finding a vehicle with all of the latest comforts and technology, and locating a vehicle that doesn't break your budget.
Is there anything that could make it an even better experience? Yes! There's nothing better than knowing your vehicle is being financed through a local, community bank with more than 100 years of lending experience and lenders that sincerely care about you. That's what you get when you finance your vehicle through First National Bank.
Get Started. Apply or Contact Us Today!
If you're ready to get a vehicle loan, apply now online.
Just getting started? Learn about First National Bank's vehicle loan process below. Then stop by one of our locations to speak to a retail lender or use the link to send them your questions.
Apply Online or Contact Us
Prequalification: Shop With Financial Confidence
If you've already got your eye on your next vehicle, that's great. We are glad to help explore competitive financing options or you can simply apply online using the link above.
Are you still shopping? We can help with that as well. Our retail lenders can assist qualified buyers with vehicle loan prequalification. Prequalification puts vehicle buyers in the driver's seat.
When you apply for loan prequalification, a retail lender analyzes your basic financial information. They will also discuss the various aspects of getting a vehicle loan, including creditworthiness, annual percentage rates (APR) and terms, loan amounts, and monthly payment estimates.
Prequalification provides a ballpark estimate of how much someone can borrow based on the information the borrower provides to the bank. There is no fee to seek prequalification.
When you're prequalified for a vehicle loan, you'll be ready to start seriously looking for a vehicle. You can take additional time to comparison shop. And, you'll be prepared to negotiate the best purchase price. That's a huge help during the vehicle-buying process.
Getting your loan approved
Once you've found the vehicle of your dreams, contact your retail lender and they will review the steps you need to take to secure your vehicle loan.
Your lender will use several factors to determine whether and how much the bank can loan on the vehicle you have selected. Some of those factors include:
- Negotiated vehicle purchase price (agreement between the seller and buyer).
- Actual cash value of the vehicle (determined by the year, model, features, mileage, and condition).
- If you are making a trade, your vehicle's trade-in value and how much you still owe on that vehicle.
- Down payment. The amount you can pay upfront toward the vehicle's price, lowering the amount of your loan.
During the final step of the loan approval process, your lender will verify all the information you provided during the prequalification process, like your income.
First National Bank's lenders understand you're anxious to get into the driver's seat of your new vehicle. Because we are a community bank and decisions are made locally, you'll be driving your vehicle off the lot in no time.
Auto loans are secured loans, using the vehicle you're buying as collateral.
If you are seeking loan prequalification, don't hesitate to ask your retail lender what assumptions they have used in the prequalification process. Ask them if there is anything about your situation that could lead to your loan being denied later on, or that could increase your interest rate or loan costs.
Throughout the lending process, don't hesitate to ask your retail lender anything that is on your mind about the process or loan terms.
Ask a Retail Lender
It's Your Decision
You're the only one who can decide how much you can afford to spend on a vehicle. Lenders look at your income, assets, debts, and credit record. But your financial life is much more complicated than that. Only you can decide how much you're comfortable paying each month - which means only you can decide how much to spend on a vehicle.
If you are prequalified for more than you were planning to spend on a vehicle, be upfront with your lender. Stick with your budget, you don't need to fall in love with a vehicle that costs more than you want to spend.
Our retail lenders can use a vehicle loan calculator to provide you with different loan options that stay within your comfort zone.