Automotive Journal

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.

Here are some tips which everyone, regardless of credit score or history, can use to save time when getting a loan:

1) Organize your paperwork. You’ll need to prove your income with your most recent paystub, and residence with a recent phone, electric or cable bill. If you have credit problems from collections, bankruptcies or a messy divorce, make sure you have the paperwork documenting that as well. Bring everything with you when you visit your lender, so you don’t have to make any extra trips for forgotten documents.

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) Find out the exact pay-off of your trade-in, if you have one. Estimating your trade-in payoff on your loan application could slow down the process and cost you money. The bank might take your estimated figure for the exact one, and if your payoff ends up being higher than what you estimated, you’ll lose time as your loan is re-approved for a higher amount. If your payoff is lower, you could wind up paying a higher interest rate than you should be. Finding out your exact payoff before you fill out your loan application will save time and money in the end.

5) Make sure you’re as truthful and accurate as possible. When you complete your credit application, you may need to list former residences, former employers, etc. If you list all this information accurately, your application will be processed quickly. Also, if you lie about some aspect of your credit, there’s a good chance the auto lender will find out. At best, this will slow down your application considerably as the lender checks every aspect of your credit. At worst, your application will be turned down.