Driving home their dream car is the wish of many people. If you have enough funds, you can make the dream come true by buying it in cash. But because it requires a huge amount of money upfront, only few can afford it that way. If you want to drive your own car but have less cash available on hand, you can always avail of auto loans from different institutions. You can choose from banks, local lending companies or online sites. However, to facilitate faster application processing, you have to make sure all requirements are ready. Here are the things you have to prepare before you can drive home your dream car.
Proof of income is the primary consideration of many companies to process fast auto loan. It includes a copy of your monthly pay slip, income tax return or certificate of employment. These three are the basis of your ability to pay the monthly amortization. When the company has these documents, they can assess how much you are earning and deduct from it your other monthly expenses. Once they get your monthly disposable income, they will use it to determine how much monthly installment you can afford. Aside from your salary, your status at work is of great consideration. If you want fast auto loan, make sure you are on a regular working status in a stable company. Otherwise, they may not approve your request.
Other documents that you need to prepare are your identification cards and proof that you are of legal age. Lending industries require that borrowers must be 18 years old and above to get a fast auto loan. If you are under this age, you have to wait for few more years to get your application processed. The best proof of age is your birth certificate. Other pertinent documents include a copy of your identification cards. However, different lenders honor different cards. Ask your agents about the cards they honor to prevent delay in your fast auto loan processing.
Co-maker or guarantors are people who will share the responsibility with you equally. Many lending institutions require a co-maker to have a fast auto loan. This technique ensures them that no matter what happens to the principal borrower, somebody will take care of the financial accountability. Mostly, to get a fast auto loan, the co-maker must satisfy the same requirements as the principal borrower. You also have to prepare the same documents like certificate of employment, proofs of income and identification.
To avail of a fast auto loan, make sure you satisfy all requirements set by the lending institution. Although some may require more documents, these three are the most common necessities you have to prepare. Since loans are financial obligations, make sure you are economically ready to face the responsibility. Once you sign all contracts pertinent to your fast auto loan, you make a bond to pay your liability. If you keep a good credit line, applying for other types of financial assistance can be a lot easier in the future.