Auto Credit Application Help
To begin with, you need to realize that in the process of filling out an auto loan application, you will be sending your sensitive, personal information over the internet. Before you begin, make sure that the browser you are planning on using (Internet Explorer and Firefox are the most common) supports SSL encryption and that this encryption feature is activated in your browser. Secondly, you need to make sure the auto loan application you are about to fill out is also supports this technology. You can easily check this by looking at both the search bar at the top and the lower right hand corner of the browser window. The search bar should display the URL address as "https" on the far left of the web address. The lower right hand corner of the browser window should also display a "padlock icon" (this icon appears to the right of the search bar in Internet Explorer). Once you have verified that both your browser and the application are secure, you can begin filling out the auto loan application.
Auto Credit and Personal Info
The first step in any auto loan application is to fill in the name, home address, and phone number, date of birth, social security number and email address information fields. For bad credit car loan applicants, it is especially important that you list how long you've been residing at your current address as well as your residence type (own, rent, live with family, etc.). If you have resided for less than three years at your current address, a previous address is also important. Be sure to include your current housing payment (for homeowners, include all property taxes paid on a monthly basis if they aren't included in your mortgage payment).
The next area in the auto loan application process that needs to be addressed is the employment section. Be sure to list the type of employee you are (W-2, self-employed as a 1099 employee or retired/fixed income). The number of years you've spent with your current employer is important as is the company/employer name; your occupation and your gross income (that is, pre-tax, before any deductions).
Your Application Status
The final step in filling out the auto loan application is to fill out your banking information and, if applicable, the information regarding the vehicle you plan on trading in. Once this is done, you need to add any applicable co-signer information (if there is one), check the privacy statement box and submit the application (you might also have to enter a series of letters and/or numbers in a verification box).
- One year at the same employer if no credit rating.
- Two years employment history with some credit history.
- Minimum monthly gross income of $1500.00.
- Money down may be required, but not in every case.
- No repossession in last 12 months unless in bankruptcy.
- No motorcycle or private party purchases.
- Must reside in the United States or Canada.
There you have it. You might also find that many credit applications don't have this many fields. But remember this: the more fields you have to fill out on the initial auto loan application, the more information the lender will have on which to base a credit decision (this also cuts down on the number of phone calls/emails that you will need to exchange with both the lender and the car dealer).
