No one has a lot of time to get a car loan. There are a few ways you can lessen the amount of time it takes to get a car loan. Regardless of your credit score or credit history, here are some tips you can use to save time: 1) Get your paperwork together. To prove your income, you'll need your most recent paystub. To prove your residence, you'll need your most recent phone, electric, or cable bill.
Finally, if you have any credit problems like collections, bankruptcy, or leftovers from a messy divorce, get that paperwork together too. Put everything in an envelope and bring it with you when you go to see your lender - that way you'll only have to make one trip. 2) Get your list of personal references together. When you apply for an auto loan, you're usually required to give the name, address, and phone number of three or more friends or relatives that don't live with you.
If you get this information together ahead of time, you won't have to scramble to figure it out while you're completing your application. 3) Talk to your boss, office manager, or human resources department. When you apply for an auto loan, most lenders will call and verify your employment.
Let the person in charge of employment verification know that you're expecting an auto lender to call about you - that way they'll be ready to provide what the bank needs 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 accurate and truthful as you possibly can. You may be required to list former residences, former employers, etc.
when you fill out your credit application. Accurately listing this information on your application will lead to faster processing. Don't lie on your credit because, more than likely, your auto lender will find out and then check every other aspect of your credit. This will considerably slow your application approval or cause your application to be turned-down. You will get your loan processed as efficiently and quickly as it possibly can if you follow these five tips.
Author Jason Lancaster, an auto industry veteran, created EasyFastCarLoans.com. He has experience helping people with fast auto loans and getting a loan fast.