Online Auto Loan Approval Checklist: What You'll Need

You can receive instant online auto loan approval from a number of legitimate sources including major banks and lenders. The approval process is typically very straightforward and only one-to-two pages. This is not a good option for those with bad credit or who need special considerations. It is a good option, though, if you have good credit and are not concerned about getting approved at a low interest rate. The following is a check list of everything you will need to have to apply.

Names, Addresses, Home and Work Phone Numbers

You will need this for yourself, co-applicants or co-signors. Be sure to have the exact addresses, as these will be verified, and your loan will be denied if they are incorrect. Your work address will additionally be required.

Driver's License Information

If your driver's license is not up to date or from a state different than where you are applying, you may see a delayed response. Again, you will need your co-applicant information here as well.

Employment Information

This is for you, co-applicants and co-signors. You will need exact dates of employment, names of supervisors, and contact information to verify.

Details for the Purchase

You will need to know the exact amount you are seeking, where you will be acquiring the vehicle from, and any other pertinent information about the loan. If this is a private party purchase, it will be different than a dealer purchase. The same goes for a refinance or lease buyout, so be sure to clarify.

Length of Loan

You may want to vary the number of months you want to finance the loan amount for because your interest rates will fluctuate as a result. See if you can enter a few options. If not, enter an option in the middle, and adjust higher or lower before signing the loan documents.

Vehicle Information

If you are buying out a lease, purchasing from a private party, or refinancing an auto loan, you will need exact vehicle information. This includes the following: year, make, model, mileage and vehicle identification number. You should also have the license tag for the vehicle.

Personal Verification Information

You will need your social security number, email address and often a mother's maiden name to allow the lender to access your information for verification purposes.

A Pen and Scratch Paper

You will have questions as you go. Ensure to write these down for later, because you will inevitably forget something important if you do not write it down. You will also want to write down important figures, user names and passwords for online access later.

Do not sign loan documents until you have spoken to a representative. While applying online can save you time, you should ensure you have the opportunity to ask questions before you sign a binding document. If possible, meet with the lender in person so you know who you are dealing with. This may not be possible if your lender is a dedicated, online lender, but you should still be able to speak by phone to clarify any questions and modify the documents according to agreed upon terms.

 


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