Tips to Fast Car Loan Approval
Unlike with personal loans like payday or logbook loans where same-day approval is common, approval for car finance may take longer. This is attributed to a number of reasons. One, it requires more documents. Two, it involves a lot of money up to £25,000 in most cases. And last, most providers run credit checks.
Fortunately, there are now providers who are offering no credit checks finance loans, the perfect option for people with bad credit. But just the same, you may still find the tips below helpful in hastening the approval time for your car finance loan.
1. Do your research
Car financing is serious business. It involves a lot of money and it's the key to a major purchase and investment. You don' come to your provider or dealer without prior research unless you want to end up with an unreasonably priced deal.
So research first, before you get too excited. While researching, check out the different types of financing available, interest rates and viable options for your situation and needs.
2. Come prepared
Another useful and often effective tip to hasten the process is to come prepared. If you're sure that you're paying for the car with car finance, prepare the needed documents beforehand. Call your provider or dealer and ask for a list of requirements. Save time by gathering them together in advance. This way, all you'll need to do is fill out the application form.
3. Know what you want
Also very important when applying for car finance is to know what you want. You need to take time to identify your transportation needs and what kind of car you want. At the same time, you still need to keep an open mind for better and more options. Nonetheless, knowing what you want eliminates the need to go through one option after another.
If you know what you want and you're firm with your decision, you avoid getting lured by flowery marketing promises of dealers and providers.
4. Set your budget
Aside from checking out real APRs, you have to set your budget first and foremost. You have to know how much you can afford to pay monthly until the end of the loan term. This way you don't put yourself on the spot or in bigger debt that you cannot handle.