When it comes to approval chances for auto loans in Elmwood Park, there is certain information that you must include. Some of it may be a bit sensitive, but it is up to you to decide how much details you can share about it. The following are some of the pieces of information that you must include to increase your chances of qualifying for an auto loan:
Credit Info
Your credit is score is very important when applying for an auto loan. Most lenders will want to know how your credit report looks like. Negative remarks such as charge-offs may lower your score. If you have any auto loan history with flawless payments, you may be lucky.
Income and Employment
It is important that you state your current income, and mention for how long you have been working for your current employer.
Debt-to-Income (DTI)
Make a calculation of your monthly debt minimum required payment and your total income. The DTI includes items such as rent, alimony, and child support payments. It, however, excludes insurance and utility bills.
Collateral- The Vehicle You Wish To Purchase
Give general information about the car that you want to buy. State whether it is new or used, its year of manufacture and its mileage. Some lenders have collateral restrictions. For instance, certain banks may not finance vehicles that are older than 7 years or less 100,000 miles. Knowing the value of the car will determine the Loan-to-Value (LTV).
Loan Amount and Down Payment
This is essential in figuring out LTV. Give a figure of how much you wish to borrow and whether you plan to give a down payment or trade in the car as the down payment.
Transaction Type and Loan Terms
State the number of months you wish to refinance your vehicle.
Co-borrower/ Co-signer
State if you want to use a co-applicant and if you already have one if that is the case.
Everybody’s case is unique. Give any information that you think is relevant.
