#instant approval loans
Instant Approval for Auto Loan
If you are not planning to purchase and pay for a vehicle in full, but are considering an auto loan, do some research first before settling for a lender. There are several things you can prepare and organize to help ensure you get one of the lender s low interest car loans, or better yet, and instant approval for your auto loan.
By doing some digging, you may find several low interest car loans from which to choose. Not all lenders have the same loan approval requirements. So once you have determined which lender may be the best fit for you, find out what documentation the lender requires as part of their loan approval process. Some lenders are more lenient than others. And some lenders will even consider a bad credit car loan approval.
The loan approval process is typically the same for most lenders. Here are some tips that will help you collect and gather all of the details you need for a smooth loan approval.
Instant Approval for Auto Loan – Tip #1: Provide Proof of Income
It is common for lenders to request at least four consecutive pay stubs. Stubs that are hand written are not usually acceptable, so you may need cancelled checks from your employer in this case. Don t be surprised if your lender requests up to 10 years of proof of income. Some lenders are stricter than others. If you are self-employed, be prepared to provide your tax returns from the past two years as your first step in the loan approval process. If you have any other sources of income, it is in your best interest to provide documentation of this extra income in some way if possible. This could increase your chances of receiving an instant approval, or at least an efficient approval.
Instant Approval for Auto Loan – Tip #2: Provide Banking and Credit History
You will need to provide your name, social security number, and date of birth to the lender for them to obtain your credit report. You may also be asked for bank and credit card statements, and mortgage agreements.
This level of documentation helps the lender to determine if you have any outstanding loans and credit balances. It is important for the lender to consider your current debt, income, and credit history during the loan approval process. They want to make sure that you can pay for all of your current bills, living expenses, and the low interest car loan you are seeking from them.
Instant Approval for Auto Loan – Tip #3: Provide Proof of Residence
Proof of residence is needed in case you cannot keep up with your payments and they need to contact you and have access to the vehicle. A driver s license or a bill with your current address should be sufficient. This address should be where the vehicle will be stored for the most part.
Instant Approval for Auto Loan – Tip #4: Provide Vehicle Information
The lender will need the make and model of the car, the purchase price, VIN number, the vehicle s mileage, and its condition. All of this information should all be found on a copy of the sales agreement (provide a copy to your lender). If it is a private sale, both you and the previous owner of the vehicle will need to sign the bill of sale and provide the lender a copy of the document.
Instant Approval for Auto Loan – Tip #5: Provide Proof of Insurance
You will need to provide your lender with proof of insurance before you can drive the car off the lot. Having insurance is not an option — it is the law.
When seeking instant approval for an auto loan, you will save the most time by having all of your documentation ready for your lender to review and approve. This will help speed up the loan approval process and your chances of success.
Remember that success of the meeting you are having with your lender is largely in your hands. So work hard, bring the documentation, and you will have increased your opportunity to get an instant approval. And if not an instant approval, you may have secured a low interest car loan.