How to make sure you qualify for an auto loan

Whether you finance through a car dealership, bank or credit union, auto loans in Bridgton NJ (and other areas around the country) are not always guaranteed. Here are some tips on how to make sure you’ll qualify for that loan so you can get the car you’ve always dreamed of:

  • Clean up your credit: You won’t get a loan if you don’t have a good credit history; it’s just that simple. Ask for a copy of your credit history and your credit score (there will likely be a fee for this). Look over the report carefully and if there are any mistakes, work them out with the creditor. If the report shows late payments, then work to improve your credit worthiness. Pay your bills on time, and don’t max out your credit cards.
  • Don’t job-hop: Part of what lenders look at is your job history. If you jump from job to job every few months, it won’t look good on your record. Lenders need to know that you have stable employment and that you have a steady income. You may also run into problems if you are self-employed; however, there are specific lenders that specialize in that area. If you are self-employed, make sure you gather all of your pertinent documentation such as invoices, bank statements, receipts, etc.
  • Have a down-payment: You’ll have a better chance of getting a loan if you have some of your own money to put down. Generally, try to have at least 20% of the purchase price; but the more you have the better off you’ll be.

If you are looking for auto loans in Bridgeton NJ, the process will be made much smoother if you do some work before you apply to make sure that your credit is in order, and you have a stable job to ensure  you can make the payments each month.

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