Driving a car from point A to B is a luxury these days. Not everyone wants to go through public commuting in a cramped train or bus with fumes all over you (and bad odors from people sitting next to you).
Buying a car isn’t like you’re buying your favorite gadget in a mall. It requires careful planning, budgeting, saving, and overall logic. But don’t fret – buying a car is now made possible through – quick loans. However, the word “REJECTED” can turn every hopeful borrower crestfallen.
There are numerous quick loans out there and in order to get it, you must try these 7 ways to get a quick loan for buying a car.
1. Make Sure You Have Impeccable Credit History
Obviously, the first thing lenders check is your credit history. Make sure it’s flawless and errorless. The last thing they want is to lend money to someone who doesn’t have creditworthiness. Also, check if there are errors in your credit report, call the creditor or credit bureau if you think something’s not right.
2. Clean Up Your Act
Most lenders will almost always do a background check on you and that includes your social media networks. Now is not the time to post drunken pictures or anything that shows that you’re unprofessional. Your social media network posts will reflect what kind of person you are and if you’re eligible to pay off your loan.
3. Reduce Searches on Your Credit Report
The more the searches or inquiries on your credit report, the more it’ll have a negative impact on your credit score. And a low credit score means a higher chance of getting rejected. Credit bureaus will know if you’re shopping around. So if you want to find out if you’re eligible for a quick loan, try using an eligibility calculator instead. You’ll need to input several required information into the calculator and it’ll tell you if you’re eligible for a loan or not.
4. Have Every Requirement Ready
Calling quick loan lenders beforehand for the requirements is a smart move. This way, you’ll be able to prepare all the documents needed to expedite everything and have a seamless process. Bank statements, monthly expenses, annual income tax returns, government-issued IDs are to name a few.
5. Choose an Amount You Can Afford
We all know driving a car can give someone extreme comfort but driving a car in style is also another thing. Before you try for a quick loan, choose a car you can afford. Think long and hard if you really need that luxury car to go to work every morning. Make sure you borrow an amount that’s within your limits. A pro tip is also to choose a shorter term so you don’t have to pay more for monthly interest rates.
6. Choose the Right Quick Loan
Compare quick loans in the industry. These quick loan lenders are competing against each other by offering the lowest interest rates. Snoop around, check online reviews or ask family members and friends for recommendations. It’s really not that hard.
7. Try to Get Some Co-Signees or References
If you feel that your credit score won’t cut the mustard, then you can have someone to co-sign the loan for you. Another way is to also ask a person of importance to put in a reference that you’re a good payer and that you always adhere to deadlines. Although the former sounds quick and easy, this can jeopardize your relationship with the co-signee if you default on your payments.
If you try these top 7 ways on getting a quick loan, you’ll likely have that brand new car in no time! If approved, it’s always a smart move to comply with the monthly payments to avoid red marks on your credit report. Who knows? You might be loaning again for your home construction in the near future!
Author Bio: Maria Brooks, a certified financial planner, author and blogger, enjoys sharing tips on personal finance, business and entrepreneurship. She is currently working for My Quick Loans, which offers fast loans online in the UK including Christmas loans, Payday loans, Late Night loans, Weekday loans, Student Short Term Payday loans and many more.