New and Used Car Loans in Dallas

Finance FAQs

Frequently Asked Auto Loan And Credit Questions

If you're considering purchasing a new or used Subaru near Arlington, you may have a few questions about the auto loan and credit process. Here at Sewell Subaru, not only do we have many new Subaru models for sale near Irving, but we also are available to answer any financing questions you may have. Here are a few answers to some of the most frequently asked auto loan and credit questions.

What Does it Mean to Prequalify?

Many dealerships have a prequalification application available that only requires a few pieces of your financial information. This application allows the dealership to receive a basic overview of your creditworthiness and shouldn't need your social security number or a credit pull.

Why Won't It Affect My Credit Score to Prequalify?

Most prequalification applications don't require your social security number and won't pull your credit. When you fully apply for financing, then your credit will receive a hard pull, which will slightly affect your credit score for a short amount of time.

What Paperwork Will I Need to Get a Loan?

While every lender is different, most car loans or leases will require:

  • Proof of Identity - Driver's license, passport, U.S. visa, or other government-issued I.D. with a photograph and your name. 
  • Proof of Income - Pay stubs, bank statements, W-2, verification of employment, etc. 
  • Credit and Banking History - Social Security Number 
  • Proof of Residence - Mortgage statement, utility bill, lease agreement, etc. 
  • Proof of Insurance - Insurance card, insurance policy 
  • Method of Down Payment - Check, credit card, debit card, etc.

What is a Co-Applicant and Why Might I Need One?

If your credit score isn't high enough, then you may need a co-applicant in order to complete your lease or loan. A co-applicant is someone that you trust and who is willing to be on the car loan with you. If you should happen to default on your loan, the co-applicant will need to take over any remaining car payments.

Can I Get an Auto Loan Even if I Have Bad Credit?

Yes! If you have bad credit, it will be more difficult to get a car lease or loan, but it's not impossible. You'll want to talk with a member of our finance team to see our bad credit options. You can also better your chances with a co-applicant.

Can I Get a Car Loan After Bankruptcy?

Yes! Even though bankruptcy will remain on your credit report for seven to 10 years, you should still be able to get a car loan with the help of certain bankruptcy programs. Talk to one of our finance experts to learn which programs are available.

Can I Put Zero Down?

Yes, although we don't recommend it. The more money used as a down payment, the lower your car payment and interest rates will be. Plus, some loans won't allow zero down.

Can a College Student Get a Car Loan Without a Job?

Yes, but you'll need a good co-signer or else a large down payment.

If I Apply, Does That Hurt My Credit?

When you actually apply for a lease or loan, the dealership will do a hard pull on your credit. This will affect your credit score slightly, but only for a short while.

Contact Sewell Subaru With Any Other Financing Questions

If you still have a lease or loan question, don't hesitate to contact our Sewell Subaru dealership. Our team of Subaru finance experts are here to help and would love to find you the right lease or loan for your financial situation.

Sewell Subaru

7800 Lemmon Avenue
Directions Dallas, TX 75209

  • Sales: (214)902-6000
  • Service: (214)902-6000
  • Parts: (214)902-6000

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  1. Sewell Subaru

    7800 Lemmon Avenue
    Dallas, TX 75209

    • Sales: (214)902-6000
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  • Contact our Sales Department at: (214)902-6000
  • Monday8:00am - 8:00pm
  • Tuesday8:00am - 8:00pm
  • Wednesday8:00am - 8:00pm
  • Thursday8:00am - 8:00pm
  • Friday8:00am - 8:00pm
  • Saturday8:00am - 6:00pm
  • SundayClosed