4 Savvy Ways to Speed Up the Auto Loan Approval Process

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If you are in the process of attempting to buy a car, you probably want to do so as quickly as possible. After all, right now, you might not even have a vehicle to drive, so you probably need to get your loan approved fast. Unfortunately, in some cases, it can take a while to get your loan approved. These are a few tips that can help you get the process finished a little more quickly. Then, you can hit the road in your new ride as soon as possible.

1. Get Started Online

Nowadays, many car dealerships allow you to get started with the application process online. This is a good thing for a few reasons. First of all, it allows you to get started with the process at your own convenience; you don’t have to physically go into the car dealership yet, and you can do it after hours, such as late at night or early in the morning, before you go to work. Secondly, once you submit this information, someone from the dealership can start working on finding financing for you. Of course, you will generally still have to go to the dealership to finalize the process, but in the meantime, someone can get started on the process. This can help you get things done a lot more quickly when you do actually end up going to the dealership.

2. Have All of Your Documents Ready

Another thing that can help you speed up the approval process is by making sure that you have all of your documents ready. For example, you will generally be asked for proof of your income so that you can prove that you are able to make the monthly payments on the vehicle. This means that you may need to bring in your most recent paycheck stubs, your tax returns or your bank statements. Take the time to gather all of these up before you go to the dealership to seek financing.

Additionally, you will probably need proof of identification — a driver’s license should be just fine for this, or you should be able to use your passport, a copy of your Social Security card and a list of references with names, phone numbers and addresses. You may also need documents from your insurance company with your insurance information and proof of your address, such as a copy of a utility bill or a credit card bill. Making sure that you have these things now should make it easy for you to provide the necessary documentation when it’s time to apply for your car loan, and you can help avoid any hold-ups on the process once you do find a good financing option.

3. Make Sure You Fill Out Your Application Thoroughly and Accurately

You might find yourself trying to rush through your application, since you might want to get it done quickly. However, this could actually be a bad thing. If you fill out your application too quickly, you might accidentally miss something, which could just hold up the process later on. Additionally, it is important to fill out your application accurately; don’t try to “fudge” your income, and make sure that you actually figure out the actual answers to certain questions, such as about your income, rather than just guessing. All of these things can help you get your application approved in a more timely manner and with minimal issues.

4. Be Available if Possible

The person you are talking to at the car dealership might end up calling you or emailing you at some point to ask questions or to ask you to come in to fill out paperwork. Even if you’re busy, it’s important to prioritize these things if you would like to get your car as soon as possible.

As you can see, there are a few things that you can do if you would like to speed up your auto loan approval process. If you follow these tips, you could be surprised by just how quickly you can get a car.

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