How Should I Prepare For Applying For a Loan?

Posted: Saturday, March 12th, 2016

Applying for any loan, especially as a first-time borrower, can be an intimidating and confusing task for most. What information do you need to submit? How can you brush up your credit history to make for the strongest case? With Green Light Auto Credit’s help, you’ll be on the fast track to securing your own car loans in no time.

Your Car Loan Application Checklist

Here are a few ways you can prepare your credit and put yourself in the best possible position to be approved for a loan:

  1. Request a copy of your credit report: The first step to securing a loan is requesting a transcript of your credit history. Your name, address, SSN, and date of birth are all you need to verify your identity and get started.
  2. Check your credit report for any errors or gaps: Avoid unnecessarily paying more on your loans over simple documentation errors. Make sure your report is air-tight so that you can get the most money for your loan.
  3. Pay down your credit card balances: The best way to show that you are a trustworthy borrower is to pay down the outstanding debts you already have. Make a payment plan and stick to it, setting up monthly reminders and checking in periodically with your bank.
  4. Have car insurance: This is not only important in applying for a car loan; it’s the law! You need to show that you are an insured and licensed driver before you have any chance of applying for a car loan.
  5. Research information about the car you want to buy: What’s the make, model, and year of the vehicle? What’s the manufacturer’s suggested retail price? What are the local dealerships with special offers on that model? These are all questions you should have answered before applying for a loan.
  6. Ask about pre-qualification: Check with a bank or credit union to see if you qualify for pre-qualification, as well as what kind of rates you can expect from either one.
  7. Compare rates from different lenders: To get the best loan with the most flexible and realistic payment options possible, don’t just jump at the first opportunity. Weigh your options and compare their advantages before applying.

How to Get a Great Loan Rate

Green Light Auto Credit Makes this Process Quick and Painless

Throughout each of these steps, Green Light Auto Credit is determined to help you build the foundation to a financial future. We believe that everyone deserves the chance to establish good credit, which is why we approve loans for applicants with otherwise low credit scores and help them chart out a feasible payment plan month to month. Fill out one of our financial forms and see for yourself why Green Light Auto Credit is a surefire choice for money-lending!

Trust Green Light Auto Credit to Help You Secure a Car Loan

Green Light Auto Credit prides itself on helping applicants secure affordable car loans. Feel free to contact us at 866-845-1603 to get started on the path to applying for a loan today.

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