Automotive Journal

No one likes to waste time, especially not when you’re trying to get a new car loan. Luckily, there are a number of ways you can speed up the process of getting a loan for your new car.

No matter what your credit score or history, these tips can help you save time when getting a loan:

1) Get your paperwork together. To prove your income, you’ll need your most recent paystub. To prove your residence, you’ll need your most recent phone, electric, or cable bill. Finally, if you have any credit problems like collections, bankruptcies, or leftovers from a messy divorce, get that paperwork together too. Put everything in an envelope and bring it with you when you go to see your lender - that way you’ll only have to make one trip.

2) Get references. You’ll probably need to give your lender the names, addresses and phone numbers of at least three friends or family members not in your household. Finding this information ahead of time will save you time when you’re completing your application, and you won’t have to stress to figure it all out on the spot.

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 exactly what your payoff is if you have a trade-in. Don’t make the common mistake of estimating what your trade-off will be - the bank might take that figure as the exact value. If your payoff ends up being higher from what you estimated, you’ll lose time as your loan may need to be reapproved for a higher amount. If it’s lower, your interest rate might be higher than what you actually merit. Find out the exact payoff for your trade-in before you go to complete your application, and save yourself some time and money in the process.

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.