Wednesday, April 6, 2011

Title Car Loans - Get Approved For a Car Loan

Car loans are not hard to get. No matter what your credit score is, in order to get approved for a car loan there are ten basic things you should have in place when you apply. Having these things will show your lender that you have the income and ability repay your loan:

Title car loans need to show your last year's tax returns. If you are self employed, you may need to show two years' worth of tax returns. Again, this is to verify your income.

Bills that come to your house. In order to get approved for a car loan, the lender may ask you to submit phone bills, utility bills, cable bills, or other invoices that come to your home. This is in order to document and verify your address so you should not be surprised if you are asked to submit this type of information.

A current bank account. Your bank account information may be required by your lender for two reasons. First, this is another way to verify your address. Bank statements are sent to your house so this address should match the address on your car loan application. Secondly, if you are a bad credit applicant, many "buy here pay here" dealerships (dealers that finance their cars directly without going through a bank or outside lender) may require you to have a checking account that can be set up with auto debit out of your account on a set schedule. This way they can ensure that your car payment will be made on time. These debits may be scheduled to come out weekly, bi-weekly, or monthly - whatever suits your ability to repay the best.

Sometimes when you are not approved for a car loan, it is not because you have bad credit, but because the lender thinks auto title loans amount is to high for you to handle. If you are able to increase your down payment by waiting to buy a car and saving up a little more cash, you can reapply for a lesser loan amount once you do. Many times an increased down payment will get you approved.

This may be a last resort, but if you have a spouse, family member, or close friend with good credit that is comfortable co-signing for you, a co-signer could get you approved. Keep in mind that if you default on your car loan, your co-signer will be negatively affected so be very responsible with your payments if you have a co-signer that is kind enough to help you get approved for car loan.www.titlecarloans.net

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