With interest rates at an all time low, now is the time to refinance loans and purchase big ticket items. Because many of the best auto loan deals are time-sensitive, speeding up the auto loan approval process is important in saving you money.
The first tip to speeding up the auto loan approval process is to make sure you have a financial strategy, including knowing your credit score and how much money you have to put down on a car payment. If you detect an error on your credit report, you will want to have the time to correct it before the auto loan application process begins. Additionally, with your down payment in order, you will know how much you can budget for.
Even if you experience a credit error that needs a few weeks to resolve, start comparison-shopping for loans immediately. By conducting the research process early on in the game, you will have time to seek out reputable financial lenders with terms you will be comfortable with. You can also judge how fast their auto loan turn around process is (some places can approve your loan in about an hour). Each lender requires different criteria for the loan application process, so make sure you make a note of what they need so that you will not have to spend time looking for the information later on.
Finally, have your personal documentation ready when you start the application process. Online applications tend to speed up the auto loan approval process. Make sure that all the information you entered is complete and accurate. Before submitting your application, proofread for accuracy because even minor errors can slow down the approval process.