Loan Application Tips When Buying A New Or Used Car.

April 23rd, 2010 by

Are you getting ready to buy a new or used car or truck? Unless you are paying with cash you will need to fill out an application for a loan. It’s imperative that you fill in the correct information. It doesn’t matter if you fill out the application online, at the bank, or at your local Cincinnati Cadillac dealer entering in the wrong information could result in your loan being denied.

Below are the most common mistakes made when filling out a car or truck loan application. Thanks to Car Loan Pal for the great information!

1) Social Security Number – Make sure you put the correct social security number down so your application can be processed.

2) Income Information –  You must report all of your income like salary, alimony, social security benefits, money earned from other jobs, etc. If you mistakenly under report this could cause your application to be deemed possibly less desirable by the potential lenders.

3) Email Addresses – Make sure that you put down a valid email address if you are filling out your application online. Failure to do so could result in your missing important information regarding your loan status.

4) Phone Numbers – It’s a common mistake to fill out the wrong phone number for home or work. If you don’t have a work or home phone make sure you give a cell phone number etc. It’s important that you give them a valid phone number so the loan company can get ahold of you.

5) Credit Score – Before applying for a car or truck loan you should know your credit score. You need to be prepared to discuss your situation with the dealership and/or potential lender. If you do not know your credit score you can get your free report once a year.

For more information see Car Loan Pal.

If you have any other tips you would like to share send them on over to me.

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