5 Tips For Getting A Car Loan Fast

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) Talk to your boss, manager, or human resources department at your work. Lenders will often call your workplace to verify your employment there, and alerting whoever’s in charge of employment verification about the call will give them a chance to prepare all the information in advance.

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 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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