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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) Make sure you've got all your paperwork together. You'll need a recent paystub to prove your income, and a recent bill from your phone, electric or cable service to prove your residence. If there are any problems with your credit, such as collections or bankruptcies, get the paperwork for that too. Bring everything with you in an envelope when you go to see your lender. That way, you'll only have to make the trip once. 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) Find out the exact pay-off of your trade-in, if you have one. Estimating your trade-in payoff on your loan application could slow down the process and cost you money. The bank might take your estimated figure for the exact one, and if your payoff ends up being higher than what you estimated, you'll lose time as your loan is re-approved for a higher amount. If your payoff is lower, you could wind up paying a higher interest rate than you should be. Finding out your exact payoff before you fill out your loan application will save time and money in the end. 5) Make sure you're as truthful and accurate as possible. When you complete your credit application, you may need to list former residences, former employers, etc. If you list all this information accurately, your application will be processed quickly. Also, if you lie about some aspect of your credit, there's a good chance the auto lender will find out. At best, this will slow down your application considerably as the lender checks every aspect of your credit. At worst, your application will be turned down. |
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