How To Ensure A Fast Approval When It Comes To Bad Credit Car Loans?

Let's look at few basic tips when it comes to bad credit car loan approval

, although some of these tips may sound like common sense for you but it is nevertheless important to remember when it comes to a bad credit car loan. A lot of us with a poor credit history are treating their credit application like a common school test, it is something you can prepare for, and most of all it is not something you can trick, cheat your way to an approval. Many of your tricks and inaccuracies will result in your approval delay, therefore hurting your chance of approval in the process rather than helping. For one you must use your legal or exact name to apply for your car loan, it is a good idea to supply your social insurance number in your application. Remember you are here to assist the bank finding your credit bureau, not making it more difficult. By the bank finding your name and credit bureau quickly you are establishing the first good impression with your lender. Don't be afraid if the bank will find your past history, after all you loan will be rejected all together if your information are not available.

Remember not to apply for more than you need to, most banks these days will work with a minimum $7500 loan amount. After all it is not worth the bank's while to loan out something less because there wouldn't be enough interest to cover the paperwork process. The reason I bring up this point is because if your car loan required is only $10,000, make sure you are only applying for what you need. Therefore by applying for a $12,000 loan you are hurting your chances of approval. Look at this from the bank's point of view, if your vehicle is only worth $10,000 why would the bank loan out a higher amount to add to their risk, and exposure. Banks have their own way of determine the value of your car loan as well, remember don't try to out smart the bank, rather you should try to work with your lenders.

To avoid other delays in your loan process, you should make sure you are following bank's stipulations and recommendations when your credit decision comes back. If the bank is asking for your proof of income or down payment, you should do everything in your power to have the document ready for your lender. When the banks see you are co-operating with them, you maybe able to waive certain conditions of your car loan. Just treat your lender like your friend, remember if you show effort, the banks can be very understanding of your situation.

by: Rick Li

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