Getting a car loan can be tiresome business, and you want to get it done as fast as possible. There are many things you can do to get your loan processed quickly.
Regardless of your credit score or credit history, here are some tips you can use to save time:
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) 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.
About the Author:
Author Jason Lancaster, a car industry veteran, developed AccurateAutoAdvice.com. You'll find accurate car buying tips and auto advice.
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