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Filling out an online car loan application can save you a lot of time if you are prepared before you sit down. However, it can become very tedious if you have to get up after every couple of questions to retrieve necessary paperwork. Read this article, gather all of your documents, and begin the application prepared:
Personal Information
Obviously, you'll need to provide the lender with your basic information: name, address, telephone number, social security number, email address, etc.
Previous Addresses
If you've lived at your current address for less than two years, you may need to provide your lender with previous addresses. Additionally, if you rent your home, your lender may request your landlord's name and address.
Employment Information
It's a good idea to have your last month's worth of paychecks in front of you as well as your income tax forms from the previous filing year. Online car loan applications will ask questions about your income. You'll need your employer's name, address, phone number, and possibly their employer identification number. If you've been at your current job for less than two years, you may need to provide this information for previous employers.
Co-Borrower Information
If you are applying for a loan with a co-signer, you'll need all of the above information for your co-borrower as well.
Additional Information
After you've filled out your online application, you'll most likely have to provide your lender with additional information by fax or mail. It's a good idea to have access to a fax machine in order to expedite the application process. Most often, lenders want to see proof of income; this is usually copies of your last two paychecks. If you don't have access to a fax machine, make sure you have printer access. Additionally, you may want to have an envelope in front of you so you can copy down the lender's mailing address.