| 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) Find out exactly what your payoff is if you have a trade-in. Don't make the common mistake of estimating what your trade-off will be - the bank might take that figure as the exact value. If your payoff ends up being higher from what you estimated, you'll lose time as your loan may need to be reapproved for a higher amount. If it's lower, your interest rate might be higher than what you actually merit. Find out the exact payoff for your trade-in before you go to complete your application, and save yourself some time and money in the process. 5) Be honest! Your loan application may require you to list information about former residences, employers, etc. An accurate application will be processed quickly, but if you lie about your credit history, the lender will probably find out. This will lead to a long delay while the creditor goes through every aspect of your credit history, and may even result in your application being turned down. |
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