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5 Time-saving Tips for Car Loans

Apr 22, 2008
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.

Whether your credit is bad or good, you can benefit from these five time-saving tips:

1) Gather up all your paperwork. You will need a paystub to prove your income. You will also need a recent electric, cable, or phone bill to prove your residence. Paperwork will be required if you have problems with your credit like bankruptcy or collections. If you have issues resulting from a messy divorce, bring that paperwork too. Collect all this paperwork in an envelope or file and take it when you go to lender's office. Otherwise, you will waste time making more than 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) You should find out the exact amount of your payoff if you have a trade-in. If you estimate your payoff and your new lender uses this estimate as an exact value, a couple different problems may arise. If it turns out that your payoff is significantly higher than what you estimated, your loan might have to be re-approved for the actual (higher) amount. If it turns out that your payoff is significantly lower than what you estimated, you may have been eligible for a lower interest rate than the one you got that was based on your estimated payoff. If you find out your exact payoff before applying for a new car loan, you will save everyone time and may save yourself money.

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.

Next time you apply for a car, follow these five tips for fast and efficient car loan processing.
About the Author
Author Jason Lancaster, a car business veteran, developed EasyFastCarLoans.com. He has experience helping people with fast auto loans and fast loan approval.
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