Get a Same Day Car Loan
More than a few car buyers may want to take their time when financing a vehicle, but others might want to find the quickest time frame for visiting the dealership and driving off in a new or used car. If you want the quick fix for financing a vehicle, some fundamental steps will help you to get a same-day car loan and drive away quickly with financing approval.
Steps
- Arrive at the dealership or other venue prepared. When traveling to a dealer's lot or car sale location, be aware of background information in order to make a quicker deal.
- Have access to your credit score and credit rating. Part of establishing approval for car loans and other types of personal loans is having a decent credit score. Knowing about a score beforehand will help you make deals in a quicker time frame.
- Assess standard lending rates. Another way to prepare for a quick auto loan is to understand the current market rates for auto financing agreements. Without this knowledge, you could get taken advantage of with same-day car loans that include sky-high rates of interest and trap you in excessive debt.
- Come with a record of past approvals and denials. For those who may have trouble getting approval for car loans, having a track record available can help.
- Ask lenders about available same-day loans. The first step in getting a same-day car loan is asking what financial products are available for this relatively short time frame.
- Ask dealers about current offers. Some of the quickest deals are made at the dealership, without the intervention of a third party. However, those who utilize dealer lot loans may not have access to the diversity of loans for which they are eligible.
- Ask about prequalification from third-party lenders. Another way to get a quick auto loan is to establish a loan application before going to the dealer's lot. This way, if you want to finance the vehicle outside the dealership, you could effectively get a same-day auto loan � one that is finished the same day as the dealer lot visit.
- Assess the interest rates and other aspects of available same-day car loans. Come to an understanding of what is the best loan option for your pocket book.
- Work several loan options simultaneously. By getting access to several different potential loan agreements, you are positioning yourself to choose the best option when buying the vehicle, and having options if one deal falls through for any reason.
- Negotiate a car loan. If the dealer is financing the auto, the car loan will be negotiated as part of a total package. With third-party lenders, this can be a more straightforward conversation.
- Sign the deal. When you are confident about the financing agreement, the deal can be finalized and the car will be be effectively financed.
