It is a pretty easy process to get car finance
approved, but it can seem complicated if you don’t know what to expect. Many
people don’t get the car that they wanted because someone else got money
together and bought it first. This can be a big disappointment.
These 5 steps should help make the whole process run
more smoothly for you and help you get a quicker settlement.
Step 1) Find Your Car:
If
you haven’t yet decided on which car you want, you should try to at least have
an idea of what you. This is because finance companies base their final
approval on the car you buy. If you find a model that is similar to the car you
will eventually buy then it won’t matter if the car you actually do buy is just
a bit different.
Step 2) Be Prepared:
No
matter what finance company you choose, you will need to give them a lot of
information about yourself if you want them to approve your loan. You should
make sure to bring all the necessary information with you. This includes; your
address details, your employers/work details and driving license numbers. You
will also be asked whether or not you have previously borrowed money. If you
there is a partner involved, you will need to produce that persons information
too.
Step 3) Be Available:
You
might be asked to send papers or documentation. At this point, the only person
who could slow the process down is you. You should try to have a scanner or a
fax machine at your disposal so you can send the necessary papers immediately.
Be sure that you are available to sign any documents if need be.
Step 4) Read Carefully:
It
is important to read everything very carefully. You should watch out for that
small print, but also remember that these are legal documents, you have to be
sure to sign and put the date at the right places, otherwise the document
becomes invalid and you’ll have to make a whole new one.
Step 5) You Are Approved:
Now
that you are approved, you can see the amount of money you have borrowed. It’s
time to act. If you haven’t already found the car to buy do it now. You can use
the fact that your loan has been approved as bargaining leverage. Certain
documents from the car dealer are also required to be sent to your finance
company. Then comes settlement.
If
you work well with your finance company and follow these steps, it should be a
pretty easy and quick process.
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