Auto Loans page 12
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Important Things to Remember Before Getting Car Loans
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To be as prepared as possible, and get the bank to say yes to your loan, there are several items you will need to get a car loan. Planning ahead and collecting these items can give you a head start when you go to apply for your car loan.
To some people stepping out to obtain an auto loan can be scary and nerve-wracking, but with these tips on which documents you may need can help you be prepared and feel more confident.
The following items are suggested:
Proof of Identity
You will need to have a government issued ID to show the dealership or your lender, such as your driver's license. It is a good idea to have a second form of identification such as a social security card or passport. The dealership will take a copy of these to keep with their records.
You will also need proof of residence, especially if you have moved within the last 2 years. Bring one or two of your most recent utility bills that has both your name and current address on them.
Insurance
Something else you will need to get a car loan is proof of insurance. Bring your insurance card, along with the last bill. This will have the agent and phone number on it should the dealer want to call and verify that you do have a current policy. Another thing the dealership may want to verify is the type of coverage you have on your policy, some have minimums they expect before they will loan you money for a vehicle.
Income
Another thing you will need to find a car loan is proof of income. Bring check stubs from you last paycheck. Another good idea might be to bring the first check stub from this current job so that the lender can easily see the employment history. Be prepared to give your supervisor's name, phone number and address so the dealership can call someone to verify your employment. Some lenders may even require tax returns from several years to prove that you have had a steady income.
Credit
Bring your best credit score to the dealer. (The dealer will run a copy of your report for their files.) It is a good idea, before going for the loan, to obtain a copy of your credit report so you can see your report and know where you stand. If your score is weak you may want to clean it up before applying for a car loan.
Ask that inaccuracies get removed; this can help raise your score. Pay off any loans that you can, especially if there are any late payments attached to it. Doing so will not change your credit score but it will show an attempt to make things right with your creditors.
Down Payment
Bring the savings you have set aside for a down payment. Since the recent economic situation, dealerships are much more willing to give a loan if you come with a down payment of 10%- 20%. This will increase your chance that the lender will finance you for you a car loan.
References
Be prepared with a list of 2 to 3 names of references. Have this prepared with their full name, phone number, address and place of employment. One reference can be a relative and the other two your friends.
Having the above information with you can help make your car buying experience much easier and stress free.
