• How to Get Instant Auto Loans with Bad Credit

    If you are in the market for a new or used car, chances are you may need to take out a loan so you can drive away with your new purchase, and applying for instant auto loans isn’t difficult if you do some of the preparations in advance.

    Think about Loan Options

    If you are buying the car from a reputable dealer, you may be able to get an instant auto loan on the lot that day. Most dealers have financing agents ready and willing to assist you in your new or used car purchase. There are other options to getting a loan if you don’t want to use the car dealer. Check some of the online loan services that can help you shop for the best loan rates you can get. Words of caution though, make sure the auto loan company is reputable and perhaps backed by the Better Business Bureau or a similar organization. Since you are applying for a loan, you will undoubtedly need to disclose personal information such as your social security number so make sure you are dealing with a secure and reputable site.

    Gather Important Information

    Wherever you decide to get your fast auto loan, you are going to need to fill out some sort of application. Speed up the instant loan process by gathering important documentation before venturing into the application process. Besides your name, address and social security number, you may need proof of employment so have your company’s address and telephone number. If you have a copy of your paystub or W-2, have that on-hand as well just in case. If you’ve had more than one job in the past two years, find the names and addresses of previous employers as well.

    Disclose Ancillary Information

    If you receive child support or alimony, disclose that information on your application if you would like it to be considered for your auto loan. If you receive income from other sources than your job, you may wish to disclose that information too if it will help you receive a quick auto loan.

    What If You Have Bad Credit?

    If you have bad credit, you may still be able to quickly and successfully go through the auto loan process. Prepare yourself in advance by addressing any negative issues that may come up on your credit report. Review your credit report in advance by calling any of the credit report agencies. Be prepared for the auto loan processor to ask you about any adverse information on your report. Plan to pay higher interest rates on your auto loan if your credit is abysmal. Don’t spend more than you can afford on your car if your credit is in really bad shape.