If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

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) 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) 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) If you have a trade-in, you should find out the exact payoff amount rather than estimate it. Many people estimate their payoff, which either costs them more money or wastes more time. When you estimate your payoff, the lender may calculate your interest rate as if it were the actual payoff. If the exact payoff amount is lower than your estimate, your interest rate will be higher than it could have been. If your lender approves you for a loan amount that is based on your estimated payoff, you will have to be re-approved if the actual payoff is significantly higher. Finding out the exact payoff amount before you apply for a new loan could save you time or money.

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 accurately list all this information, 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.

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!

Tags: Cars

Popularity: 33% [?]