Anyone interested in applying for an auto loan should get a copy of their credit report because your credit score will determine the type of loan and interest rates you qualify for. Knowing your credit score will allow you to narrow your options down to what you can afford and if you have bad credit you can negotiate. Dealers may markup the interest rate by about three percent so if you know you can get a lower rate than you can request it. If you know you have bad credit you can begin working towards improving your score in order to refinance for a lower rate later.
After submitting your auto loan application, auto loan officers look at your application and your credit situation. After reviewing your application, it is sent to the appropriate auto lending institution and/or auto dealers for pre-approval. The process is fast and simple, you just fill out the auto loan application and you will have an answer shortly.
"I got another response today from Experian and they deleted the bankruptcy on my report!!!! I am so pleased! Now, let's get the other two credit bureaus to do the same before Feb. 28th, because I will be signing papers to apply for a mortgage to buy a house then!...Thanks again for the great job you are doing. I really appreciate it and it is totally worth it!"
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