With guaranteed car loans becoming easily available, buying a new car has become very easy. You no longer have to first save and then buy a car. Now you can buy a car a day after you have applied for a car loan. At the most, it might take couple of days. However, in the end, it is usually guaranteed that you will drive off with a new car.
The process of getting guaranteed car loans is really quite simple. Obviously, you first need to find the right dealer or the right lender. You can go online and make a list of several dealers. Get quotes from each dealer on your list. Then, you can compare the quotes from these dealers to see who is offering you the best deal.
Quotes are very helpful in assessing the cost of a car loan. As a customer who is looking for an auto loan, your first step should be to get quotes from various dealers. Quotes are available for free. In order to get a quote, you would need to fill out an application. It would ask for the car model that you are interested in buying and your credit scores. It would also ask for some personal and financial information. It would not take you more than few minutes to fill out the application.
Once you have selected your dealer, you can submit your loan application to him/her. Before you submit your application, it is best to have all the documents ready. The lender would ask for-
• Identity proof
• Current address
• Credit scores
• Income proof
• Properties, if any
• Social security number
• Bank statement
Documents relating to your credit scores and financial status should be ready before applying for guaranteed car loans . This helps to speed up the process.
After you submit your application, the lender would check all your information. If your credit scores are good, you would be easily approved for the loan amount that you applied for. In case you have bad credit scores, you will still hear back from the lender. In case of bad credit, you will be provided a loan, but the loan amount might be lower than what you asked for. Very often, bad credit car loans are provided at higher rates.
You can also go for used car loans if you have bad credit. This is a sound financial decision, especially for those who have bad credit. Furthermore, new cars loose 60% of their value within the first four years. So why should you invest so much in a new car, when you can do with a used car. Furthermore, if you miss a single payment, you will loose your car. In addition, your credit will go down the drain. Thus, it is better to play safe with used cars. Guaranteed car loans are also available for used cars.
Whether you have good credit or bad credit, getting guaranteed car loans from dealers have made it very easy to own a car.