How To Get Fast Approval for Your Online Auto Loan Application
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Published by TOP4 Team
Getting car financing in 24 hours may seem like a long shot, but it’s actually very possible. When you apply for a car loan online, the steps are fast and straightforward. With a good credit rating, you can expect your documents and checks in your doorstep the next day. Here are some methods you can take to ensure instant approval when you apply for a car loan online.
1. Decide on the Car Loan Amount
Online car loan sites usually offer a loan calculator to use for free. Utilize this by computing how much you can afford to pay in terms of the actual loan amount, the monthly interest rate, and for how long will you need to sustain this scheme. Consider a realistic amount, so that it will prove manageable when compared with your income, assets and liabilities.
2. Send for Free Quotation
Most online car loan agencies will offer to give you a free quotation so that you will have a more accurate idea of your investment. Some will send an agent to call you so that you can discuss the many loan options to choose from. Examples are salary packaging lease where the car loan can be structured as a salary loan, or a commercial hire purchase, for vehicles to be used mainly for business purposes.
3. Forward Requirements
Online car loan Web sites will ask borrowers to fill up their online application form. This will ask you to provide personal information, and personal details such as mortgage payments and employment income. You may also be asked to submit scanned or faxed copies of government IDs, proof of income, proof of billing address, financial statements, and other supporting documents.
4. Wait for Approval
For many sites, the application process can take as little as just 15 minutes of your time. Approval process will take 3 hours to a week, depending on the agency as some require a personal visit first from their representative. Delivering the documents and cheques can take one day shipment. The package will usually contain all you need to purchase your needed vehicle on that very same day.