While individuals with good credit can often walk into a car dealership and walk out with a new vehicle, the process is a little more complicated for those with bruised or damaged credit. It used to be that there were no options available to these individuals. Thankfully, that isn't the case now. With the help of guaranteed auto financing loans, everyone can get approved for a loan, providing they have the proper information and documentation to support their application. Here are three key items you need to get approved for guaranteed financing at the auto dealer.
Proof of Income
One of the biggest things you need when applying for any type of loan is proof of your income. The lender needs to know that you have the ability to pay for the item in question. Oftentimes, you need to bring at least two to four paystubs with you. A month or two is ideal. This shows consistent paychecks and ensures you are still working at the same location in a stable job.
Proof of Residency
Bring in a utility bill showing proof of where you live. You need to be able to show that you have a place to call your own. This is to protect the lender in the event they ever had to repossess your vehicle. It has to be in your name and it has to be a recent bill that matches the address of all the other paperwork you provide the lender.
Oftentimes, you will need a down payment of at least 10% of the purchase price of the vehicle. Lenders need to see you put something down. It shows that you are serious. This can be in the form of cash or a trade in. Whatever way you choose, the total amount has to equal whatever the lender requires for final approval.
By taking these three items with you to the dealership, you can help facilitate the process and move things along quickly. Instead of waiting days to get an answer on your application, you can have it in mere hours. This means you should be able to walk out of the dealership on the same day with the vehicle of your dreams. Before you know it, you will have the answers you need on your loan and be on the path to restoring your credit. Discuss your options with the dealership today.Share