Used Car Loans in Lakewood
Shopping for used car financing can feel overwhelming when you're not sure where to begin. At Titus-Will Used Cars Lakewood, we get it. That's why we put together this straightforward guide for folks in Lakewood, Tacoma, and Pierce County who need financing help. Whether you've got excellent credit or you're rebuilding after some bumps, we'll show you what's available. Let's walk through your financing choices, what lenders look for, and how you can strengthen your application before you visit our showroom on Pacific Highway SW.Used Car Financing Options Available in Lakewood
Several routes can get you behind the wheel of a quality used vehicle in Lakewood. Each works better for different credit situations and financial goals. Understanding these options upfront helps you pick the right fit.Credit unions typically offer the best rates if you qualify for membership. Many local credit unions provide loans ranging from $12,000 to $200,000 with terms up to 84 months. You can often find APRs starting around 8.70% to 9.00%, with additional discounts available for automatic payments or existing accounts. Credit unions also tend to offer first-time buyer programs, green vehicle discounts, and no prepayment penalties.
Banks excel at pre-approval processes that lock down your budget before you shop. With flexible terms and competitive rates that vary based on your credit profile, bank financing gives you a clear picture of what you can afford before you ever step onto a lot.
Dealership financing creates opportunities for buyers with credit challenges because we connect you with multiple lenders at once. This option often includes in-house financing, bad credit programs, and same-day approval. Some Lakewood dealerships partner with specialized companies that focus on helping customers work through credit issues.
What Lakewood Lenders Look for in Loan Applicants
Lenders across Pierce County check similar criteria when reviewing applications, though each sets their own standards. Your credit score carries the most weight, affecting both approval and interest rates. Good news for Lakewood buyers: certain lenders work with scores as low as 500, so limited credit history won't automatically disqualify you.Employment history matters a lot. Most lenders want at least 12 months with your current employer, though recent college graduates can sometimes substitute their degree. They'll calculate your debt-to-income ratio to make sure you can handle the monthly payment comfortably.
Outstanding collections or negative marks will catch their attention. Addressing these issues before applying improves your approval odds. Remember that Washington state requires auto insurance, so you'll need coverage lined up before finalizing any loan.
Documents You Need to Apply for a Used Car Loan in Washington
Organizing paperwork ahead of time speeds up approval and shows you're serious. Here's what you should gather before applying for used car financing in Lakewood.Proof of Income and Employment
Washington lenders typically want up to two years of income history. Bring:- Pay stubs from the last 30 days minimum
- Tax returns for the past two years
- Bank statements showing regular income deposits
- Your employer's contact information for verification
- Recent college diploma (for new graduates without extensive work history)
Identity and Residency Documentation
You'll need:- Current, non-expired Washington driver's license or state ID
- Social Security number
- Proof of Washington residency (utility bills, lease agreement, or official mail)
- Vehicle details including VIN, make, model, year, and mileage
- Vehicle title (front and back copies)
- Current vehicle registration
- Bill of sale (for private party purchases)
- CARFAX or vehicle history report
Tips to Strengthen Your Used Car Loan Application
Several smart moves before applying can dramatically improve your approval chances with better terms.Making a down payment of 20% or more shows commitment and reduces the amount you need to borrow. Pull your credit report a few weeks early to spot and correct any errors dragging down your score. Getting all documents together ahead prevents delays.
Seeking pre-approval from multiple lenders gives you negotiating power and lets you compare actual offers. Choose vehicles with clean titles and reasonable mileage since problematic histories complicate financing. If your credit history is limited, bringing a co-signer with solid credit can unlock additional options.
Apply for Used Car Financing at Titus-Will Used Cars Lakewood
We've helped thousands of people from Lakewood, Tacoma, and JBLM get financing that works for their budgets and situations. As Pierce County's largest used car dealership, we work with numerous lenders simultaneously. Traditional banks, credit unions, specialized finance companies focused on credit challenges (we maintain connections everywhere).Fast Approvals and Flexible Financing Options
Our finance team often handles same-day approvals when everything aligns. We also offer in-house financing providing flexibility beyond standard loans. You can explore our financing options, then submit your credit application online before visiting our showroom at 11503 Pacific Hwy SW.How to Apply for Financing at Titus-Will Used Cars Lakewood
Transparent pricing and genuine customer service make car buying straightforward here. Our family has owned this dealership since 1938, building relationships in the Lakewood community based on trust and results. Whether it's your first car or fifth, our team explains your options without pressure.Ready to move forward? Call our finance team at 253-753-1253 or visit during showroom hours. We're open Monday through Saturday starting at 9:00 AM, plus Sundays from 10:00 AM to 6:00 PM.
All rates subject to credit approval. APR ranges reflect current 2024-2025 lending standards and vary based on creditworthiness, loan term, and down payment.