Getting a new vehicle can be exciting. It gives you a chance to get into a vehicle of your choosing without having to worry about coming up with a bunch of cash all at the same time. As you go into the dealership and look for the vehicle of your dreams, there are a few key items you need to take with you to help move the process along and get you the financing you need quickly and easily.
Proof of income.
Whenever you apply for any type of loan, the lender is going to want proof of your income. They need to be able to see that you are able to afford your vehicle payment and that you have a steady job with consistent income. The best way to do this is to bring in a couple of months' worth of your paystubs or bank statements. Bank statements are extremely important for those who are self-employed and don't get a regular paycheck from an employer. Having a couple of months is ideal as it shows a consistent pattern in your income and shows that you didn't just start working for the company or for yourself.
Depending on whether you are going for guaranteed financing or you are looking at traditional financing, it is always best to have a list of references on hand in case the lender wants them. Make sure to have complete names, addresses, phone numbers, relationship and how long you have known them. Some places even want to know what that individual does for a living. The more information you can have on hand, the better it is going to be in the end. Gather about 5-10 references just to be safe.
A down payment.
Above all else, you want to be prepared to put money down on your vehicle. Many lenders recommend putting 10% down on average, so try to plan for that when shopping around. If your credit is a little more challenged than most, you might have to put more money down. The best thing to do is save up and have a nice down payment ready to put down on your vehicle. Each lender is going to vary, so there is no way to know what one might want until you have applied and gotten a decision.
By having the three key items above with you, the loan process will be quick and painless. Click here for more information about auto financing.