5 Tips For Getting A Car Loan Fast
No one likes to waste time, especially not when you’re trying to get a new car loan. Luckily, there are a number of ways you can speed up the process of getting a loan for your new car.
Here are some tips which everyone, regardless of credit score or history, can use to save time when getting a loan:
1) Organize your paperwork. You’ll need to prove your income with your most recent paystub, and residence with a recent phone, electric or cable bill. If you have credit problems from collections, bankruptcies or a messy divorce, make sure you have the paperwork documenting that as well. Bring everything with you when you visit your lender, so you don’t have to make any extra trips for forgotten documents.
2) Find references ahead of time. Lenders usually want you to give the name, address and phone number of at least three references who aren’t family members living in your household. By figuring out who to use as a reference ahead of time, you’ll save time when you’re filling out your loan application.
3) Tell your boss, office manager, or human resources department at your work that you’re applying for an auto loan. They may receive a call from your lender to verify your employment, and if they’re aware of this in advance, they’ll be able to provide the information your bank needs more quickly and accurately.
4) If you have a trade-in, find out your exact payoff. Many times, when people apply for an auto loan, they estimate their trade-in payoff. The trouble with estimating your payoff is that your new lender may use your estimate as an exact value. If your payoff is actually substantially higher than you estimated, your loan may need to be re-approved for a higher amount. If your payoff is lower than you estimated, your interest rate might be higher than it should be. Save everyone some time (and yourself some money) and find out your exact payoff before you apply for a new loan.
5) Be as honest and accurate as you can. You’ll need to list information such as former residences and employers when completing your loan application. If everything is accurate, then your application will be processed quickly. If there’s a lie or inaccuracy, however, the lender will likely find out, and this will negatively affect your application. The consequences of an untruthful application can range from a long delay in your processing time as the lender checks everything on your application, to your loan being denied outright.
