Car Loan Application Process

A car loan application is a fairly easy process. A car loan application can even be taken over the phone. The whole process will take about 15 to 20 minutes. You will be required to give your personal information, this will include:

Aï¿½ Your full name as it seems on your driver’s license

Aï¿½ Current address (you will need to give three years history)

Aï¿½ Contact phone number

Aï¿½ Date of Birth

Aï¿½ Number of dependents

Aï¿½ Drivers license number and expiry date

Aï¿½ Email address

Aï¿½ Current housing situation (owner, mortgage, renting, boarding)

Aï¿½ Mortgage agent if home owner

Aï¿½ Current occupation and time spent there

Aï¿½ Name and address of current employer

Aï¿½ Phone number and contact details of employer

Aï¿½ Income

Aï¿½ You will also need to provide current pay slips

Aï¿½ Any current or previous loan commitments and the amount borrowed

Aï¿½ The name of your banking institutions

Aï¿½ Supply name, address and phone number of two references not living with you

Aï¿½ Details of goods being purchased

Aï¿½ Type of purchase (Private sale or Dealer sale)

Aï¿½ Loan structure ( amount of months you wish to pay loan off)

Aï¿½ You will then be asked questions relating to previous or current lending history including any defaults, court judgements or a current or discharged bankrupt

Aï¿½ If there is a second applicant the broker will need to speak to the other borrower and obtain their personal information also

Aï¿½ You will also be asked if you will allow a credit check to be carried out

The broker may ask other questions about your car loan application and all of this is necessary as the lender requires this to identify you and also to prove your ability to repay the loan over the period of time allocated. Living expenses are also taken into consideration and a certain amount of your weekly salary is allocated for this. Once you have all of the information required your car loan application can be submitted by the finance broker to the lender. If the customer has a clean credit history and can service the car loan to the satisfaction of the lender an approval can be instantaneous. Once copies of pay slips and your identity has been verified you are able to go shopping for your new car. If any other information is required by the lender your finance broker will contact you and request this information prior to your car loan application being approved. Your finance broker will keep you informed throughout the entire process. I hope this information has been helpful with the knowledge of what information you need on hand when doing a car loan application.

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