Tips to Get Guaranteed Car Loan

Not every lending institution or dealership will offer a car loan guaranteed. There are dealerships with in-house financing, as well as finance companies that partner with dealerships to offer special financing to customers that have credit problems. Buyers looking to obtain a guaranteed car loan can find participating dealers and finance companies easily online.

The Initial Application

Financing websites such as cars direct//home are great places to start the process. Most sites will ask for your name, address and phone number, as well as your place of employment and income. Often within 24 hours, a representative will contact the applicant with a list of local dealers that offer guaranteed car finance. They will most likely schedule an appointment with a special credit counselor employed by the dealership that will help buyers with the process.

The Appointment: You will receive a list of items to bring when you schedule your appointment, these items include:

your valid driver's license
social security card
your utility bills, phone bill and/or recent bank statement
at least two paycheck stubs
a down payment

Be sure to bring all of these items to the appointment, as they are needed to process your loan. If you've recently run your credit, bring a printout of your credit report as well. Your credit counselor will process your application on-site, often having a response within an hour.

The Test Drive

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Once your financing is approved, it is time to test-drive all the options available to you. Dealers offer several fine choices to prospective buyers, including new and used cars. Keep in mind that if you have very little income or an unusually bad credit situation, such as a high debt to income ratio, your choices may be limited. Once you've made your selection, the final paperwork is completed, and you're ready to drive off the lot in your new car.

Payments

Depending on the finance company the dealership, uses in their guaranteed car finance programs, payments are collected either biweekly or monthly onsite. Some finance companies even take cash payments, which is very convenient for most buyers. Your payments are recorded immediately upon payment. All finance companies require full coverage on vehicles financed, so be sure to always maintain insurance on your car.

Now, no matter what kind of shape your credit is in, it's possible to drive off in that new or used car. Guaranteed financing from a local dealer will guarantee that you stay on the road!

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How Can I Get A Guaranteed Car Loan?

The Initial Application

The Test Drive

Payments

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