Vehicles Facts and Notes

Most people don’t have very much time to spend getting a car loan. If you don’t have much time to get the loan that you need to buy your new vehicle, there are several things you can do that will help you get your car loan fast.

Regardless of your credit score or credit history, here are some tips you can use to save time:

1) Collect all the necessary paperwork. Be sure to include a paystub, which will prove your income. A recent electric, phone, or cable bill should be included to show your residence. If you have filed bankruptcy and/or have collections or other credit issues, find all that paperwork as well. The last thing you must be sure to do is to include any paperwork dealing with problems arising from a messy divorce. All of this paperwork should be gathered together and taken with you when you go to see a lender to prevent you from having to make several trips.

2) Most likely, you will be required to provide three or more personal references when you apply for an auto loan. Your personal references should be relatives or friends who do not live with you. Write down their names, addresses, and phone numbers ahead of time so that you won’t have to spend time on this as you fill out your loan application.

3) Most lenders will verify your employment by calling your office manager, boss, or your company’s human resources department. If you tell whomever is in charge of employment verification that an auto lender is going to call them, they will be able to quickly provide accurate information to the bank.

4) You should find out the exact amount of your payoff if you have a trade-in. If you estimate your payoff and your new lender uses this estimate as an exact value, a couple different problems may arise. If it turns out that your payoff is significantly higher than what you estimated, your loan might have to be re-approved for the actual (higher) amount. If it turns out that your payoff is significantly lower than what you estimated, you may have been eligible for a lower interest rate than the one you got that was based on your estimated payoff. If you find out your exact payoff before applying for a new car loan, you will save everyone time and may save yourself money.

5) It is important that you complete your credit application as accurately and truthful as possible. If you are required to provide former employers, former residences, etc., accuracy helps your application to be processed faster. The lender will most likely know if you lie on your credit application and then check on every aspect or your credit, which will slow down your application approval significantly. However, lying may also cause your application to be turned-down completely.

Follow these five tips and your next car loan application will be processed quickly and efficiently, and you’ll get your loan as fast as possible!