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If you’re like most people, you don’t have a lot of time to futz around when getting a car loan. Luckily, there are quite a few things you can do to decrease the amount of time you’ll spend getting the loan you need.

Regardless of your credit score or credit history, here are some tips you can use to save time:

1) Get your paperwork together. To prove your income, you’ll need your most recent paystub. To prove your residence, you’ll need your most recent phone, electric, or cable bill. Finally, if you have any credit problems like collections, bankruptcies, or leftovers from a messy divorce, get that paperwork together too. Put everything in an envelope and bring it with you when you go to see your lender - that way you’ll only have to make one trip.

2) Get references. You’ll probably need to give your lender the names, addresses and phone numbers of at least three friends or family members not in your household. Finding this information ahead of time will save you time when you’re completing your application, and you won’t have to stress to figure it all out on the spot.

3) Tell your boss, office manager, or human resources department at your work that you’re applying for an auto loan. They may receive a call from your lender to verify your employment, and if they’re aware of this in advance, they’ll be able to provide the information your bank needs more quickly and accurately.

4) Find out the exact pay-off of your trade-in, if you have one. Estimating your trade-in payoff on your loan application could slow down the process and cost you money. The bank might take your estimated figure for the exact one, and if your payoff ends up being higher than what you estimated, you’ll lose time as your loan is re-approved for a higher amount. If your payoff is lower, you could wind up paying a higher interest rate than you should be. Finding out your exact payoff before you fill out your loan application will save time and money in the end.

5) Be as honest and accurate as you can. You’ll need to list information such as former residences and employers when completing your loan application. If everything is accurate, then your application will be processed quickly. If there’s a lie or inaccuracy, however, the lender will likely find out, and this will negatively affect your application. The consequences of an untruthful application can range from a long delay in your processing time as the lender checks everything on your application, to your loan being denied outright.

Filed under: Vehicles