Is there a quick way I can improve my chances of getting approved?
There are a few things that can greatly improve your chances of getting approved for your vehicle loan.
- Have ready your proof of income via bank statements, employment history, driver’s license, current address, and contact information. Lenders will always want to verify this information.
- Set a reasonable monthly budget. Lenders want to see that you have enough money to pay your loan.
- Check your credit report for any mistakes that can affect your credit score. Yes, Equifax and Transunion can absolutely make errors on your report, and by catching those mistakes you can quickly repair a wrongfully damaged score.
- Take the right steps to get approved: If you have no credit history or bad credit, getting a secured credit card is a great option to build new or repair your credit history. This requires a deposit from you to open the account (in other words, it is a pre-paid credit card). The deposit is simply a layer of security for the credit company, and often times you will get your deposit back within 12 months of perfect payments! This is not an instant way to increase your chances of getting approved today, but it is certainly quicker and more effective than taking no action at all. It can take as little as a few months to start proving to lenders that you are going to pay back your loan on time!