How Many Steps Are You From Getting Car Finance?

5 Steps for Getting Car Finance

Getting approved for finance can be an easy process made harder by being under prepared. Many people will end up disappointed - missing out on the car they wanted because another buyer got the money quickly.

Here are 5 steps that will make the process run smoothly and get you to settlement quicker.

Step 1) Find a Car: If you have found the car of your dreams that's great, if you haven't don't stress but at least have an idea, finance company final approvals are based on the vehicle you buy so if you find a similar model for your first approval it won't pose a problem if you end up getting a slightly different car.

Step 2) Be Prepared: It doesn't matter which lender you use they are all going to want to know allot about you before they hand over their cash. So make sure you have all your information on hand, this often includes drivers license numbers, details about your address (and possibly previous residences), your employers details and also any information about previous borrowing, if you have a partner on the loan you will need to have their information and they will need to be prepared to answer questions as well.

Step 3) Be Available: The lender may require you to send in some documentation, the only hold up at this stage is YOU. Make sure that you have access to a fax or scanner to get this to the lender and that if you are needed to sign the documents that you are available.

Step 4) Read Carefully: Make sure you read the documents carefully and I don't just mean the small print, the documents are a legal document and you need to sign and date in the correct places or new documentation may need to be drawn up.

Step 5) You're Approved: You've got the finance approval you know how much you can borrow, now you need to ACT NOW, find the exact car you want (if you hadn't already) use the approval to bargain with the seller, they will have to provide the finance company with certain documents, collect these, get them to the lender and the next step is settlement.

It can be an easy or hard process depending on how you react to the requirements of the lender, ignore these steps and it could more than a week or you can follow these steps and you will be amazed how quick it can be.