Getting a Car Loan

Posted on 20 May 2014 by Tony Santos

car-loan-approvedWhat do you need to show a lender if you are going to apply for a loan? While different lenders are going to ask for different information, the general goal is to prove to the lender that you are a good bet to pay the money back after you get it.

The first thing that you want to do is prove that you have a steady income. If you don’t have a job, you may be able to get a loan if you are able to show that you have investment income or other sources of revenue that can be used to repay the loan.

Once you have proven that you have a steady income, you need to show that you don’t have too much other debt that may make it harder to repay the loan that you are applying for. For example, if you are applying for a mortgage, lenders don’t want to see a debt-to-income ratio of more than 55 percent.

Lenders such as Loan Mart are always available to people who need money fast to cover bills, fix a property, car loan or get a higher education. Although not everyone is going to get the same interest rate or other loan terms, it may be possible to find a way to construct a loan document that is easy for the borrower to repay.

Categorized | Car Loan

Tags |

Related Posts

Comments are closed.