Many people struggle to get an auto loan because of their credit. They have a job, references and banking information. They simply don't have a good enough credit score to secure traditional financing. Instead of feeling like there are no other options left to help you get the vehicle of your dreams, you can turn to a guaranteed auto loan to get you what you need in the shortest amount of time possible. To make sure you can get your approval and drive away with your dream vehicle, here are three things you need to take with you to the auto dealer.
Because you are getting a guaranteed approval for an auto loan that was designed for people who might not have perfect credit, you need to provide the lender with a few different references. The number of references is going to vary, but you should have anywhere from 5-10 names, addresses, phone numbers, years of acquaintance and relationship on hand. This way you can provide the lender with all of the information they need right then and there. The lender will often have to call and speak with a few of these individuals before giving you final approval, so make sure you give them names of individuals they can easily get in touch with.
Proof of income.
You are also going to need to provide the lender with proof of income. This is typically in the form of pay stubs from an employer or bank statements showing how much you had deposited each month when you are self-employed. The key is being able to provide at least a month or two worth of income that shows a steady paycheck or deposit amount. This proves you have a viable means of paying for the vehicle. This is crucial when getting an auto loan.
Since this is more of a high-risk loan, you will need to put something down to secure the loan. The amount you need down is going to vary based on the total amount you are looking to borrow. On average, you can expect to spend at least $500 on up to $5,000 down. The lender will let you know the total amount required to secure the loan. It is better to have more than enough than it is to not have enough and have to come back later.
By having the three things above on hand with you when you go to the lender, you can save yourself a lot of time and trouble in securing your loan.