-
Blank Check Auto Loans: How to Get Approved
Using blank check auto loans can be a great way to finance your auto loan needs. This is because the blank check auto loan gives you an advantage over the dealers’ conditions as it makes it possible for you to access a pre-approved sum of amount to go car shopping with. This may be a great way of avoiding manipulation by dishonest car salesmen.
To get approved for blank check auto loan, you must meet some requirements that can be compared to the requirements that are required for personal loans or any other instant auto loans. These requirements to get instant approval range from legal requirements to the individual requirements of the lenders.
Some basic requirements for approval include the standard that the car must at least worth $7,500. Also most lenders will only approve your application if you agree that you will purchase the car from an authorized dealer and not individual car dealers. You should also know that blank check auto loans are not approved for purchase of commercial vehicles, motorcycles or vehicles purchased for the purpose of recreation. The vehicle you are purchasing should also be not more than 7 years old if the car is used. Other lenders set the mileage coverage at 70,000 miles past which the vehicles ceases to be valid for approval for the blank check auto loan.
You also need to have good credit worthiness. This is easily determined by the use of the credit scores. You need to have a good credit score report, this shows that you can pay off your debts. This will have the added effect of reduced interest rates which is also to your advantage. By proving that you can pay off your loan and in time, you will be making advancing steps towards approval.
Once you are approved, you will be issued with a blank check that is filled when you select a vehicle and made a valid deal with the auto dealer. The benefit of the blank check auto loan is that it allows you to establish the exact spending you want on your purchase. You get to save time and also allow you the edge over the dealers’ terms since you are operating on a fixed amount. An important factor to remember about blank check auto loans is that they are only valid for a certain amount days, mostly up to 45 days.
Blank check auto loan can considered as an instant loan because of this, the small period its offered don’t create time for long processing. It is even easier now that there is internet technology that has made the online auto loan application process easier and faster.
