First Auto Loan?

Im going to my bank to try and get an auto loan. I dont have the best credit in the world, will it even be possible to get a loan from them? What exactly should I take with me (paper wise)? Anyone know what kind of questions they might ask me? Thanks in advance!

First Auto Loan?

YOUR bank has all they need to know about you if they look up your account. IF you have a great relationship with YOUR bank they may fund you but most banks require a pretty good rating to lend and then get a rate of interest you can afford.

First Auto Loan?

if you do your banking there then the do have the info but if no then they need your SS# and your ID to tell them that it is you and they might if working your newest pay stub

First Auto Loan?

What Pam said. If that fails, the dealer has a list of lenders. That's how I got my last car a few years ago...but don't ask what my interest rate is.

First Auto Loan?

They will have you fill out a loan application. Take your ID, proof of income (W-2s, pay stubs, etc.) and records of all credit accounts and debts.

First Auto Loan?

if you filed bankruptcy i'd take them. and any other outstanding dept papers to show how much you owe. they pretty much dig up everything to make sure you can afford the loan. did you ever consider a co-signer? like mom and dad to help you? if you go by yourself on this you are either going to get turned down (depending on how bad your credit is) or your going to be looking at a high interest rates for high risk people. i know i've been there! if your married maybe as k him to co-sign. you can usually get better rates with a co-signer and also spread the payments out longer. just remember though, the longer you spread your payments out the less your car will be worth and you'll more than likely still be owing on it on your next trade-in. hope this helps you out!..Good luck!!

First Auto Loan?

Auto finance is what I do for a living and the things auto lenders look for from a first time buyer are as follows;

1. P.O.I. proof of income, most recent paycheck stub.

2. P.O.R. proof of residence, any monthly bill in your name addressed to your address or bank statement.

3. References, 6 with names, addresses and phone numbers.

4. Recent phone bill.

First Auto Loan?

閳?Credit Score

oI have no credit history! What can I do?

Having no credit history can be a frustrating experience in getting approved for any type of financing. However, there is still hope!

First thing is to establish a steady income. This will prove that even though you have no credit history you are showing stability at work and a good source of continuous income. Another helping factor is to have at least one year at your current residence. Once or if ; you have both of these factors all you need to do is apply for a Department store card and not credit card!. Before you even know it your on your way into building you credit history.

oI have too many credit cards! How does this impact me?

Having to many credit cards can impact a credit decision substantially.

Many factors lead up to this: Late payments, Maxed out credit balances, or too many open accounts which indicates spend able income at the reach of your finger tips. This can affect your debt to income ratio. Hence you are a higher risk consumer.

oTips to help your credit

There are many ways to help your credit:

Credit cards can help you as easily as they can hurt you. Several things to take into consideration: making payments on time, never reaching maximum balance by not exceeding 35% of maximum balance. This can help in proving you make your payments on time and are able to control you spending habits. Other types of financing like personal back loans and mortgages can also help your credit if you have kept those loans in good standing as long your debt to income ratio is within the Bank or credit companies guideline in terms of risk assessments

oCredit inquiries

Three of the largest credit bureaus include:

Trans Union

PO Box 403, Springfield, PA 19064

Phone: (800) 888-4213

TRW/Experian

PO Box 2106, Allen, TX 75013

Phone: (800) 422-4879

Equifax

PO Box 740241, Atlanta, GA 30374

Phone: (800) 378-2732

First Auto Loan?

If you will get problem with your bank try this.

It was helpful for me

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First Auto Loan?

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