The 5 Most Important Things You Need to Get a Car Loan

When you plan to apply for a car loan, let’s say for a brand new Cadillac, then it’s best to turn up to your Cadillac dealer well-prepared. This means understanding what a low-rate loan requires and having all the necessary documentation ready in hand. Here are five critical things you’ll need if you want to get a car loan any time soon.

The 5 Most Important Things You Need to Get a Car Loan

Proof of Your Identification

Of course, you’ll first need to prove your identity. A photo ID with your signature on it, such as your driver’s license, will usually do. Alternatively, you could bring along your passport, stock certificates, a title to your home or another vehicle, or a card issued by the government such as your Medicare ID.

Proof of Your Residence

You’ll also need to prove your address. In addition to your driver’s license, they’ll usually ask for a recent utility bill with your name and address on it, or a letter from your bank, or another item of business-related correspondence.

Proof of Your Income

As with any loan, you’ll need to be able to prove that you can meet the payments. A recent payment stub that shows your year-to-date income will usually suffice. Also, they’ll often want to see your bank statements for the three most recent months. If you’re self-employed, you’ll need to bring along two to five years of tax returns.

Proof of Your Insurance

By law, you can’t take a vehicle onto the road without insurance, so the dealer will need to see proof that you have it. Bring along the appropriate documentation if you already have insurance. If you don’t yet have insurance, you should be able to get insured quite easily there and then, through your dealer.

Your Financial History and Credit Score

Any lender will need to know your current credit score and credit history. This isn’t something you can take along to the dealership. But while you’re there, you’ll be asked for your consent for them to look up your credit information. So be prepared for this.

How Long Does a Loan Take With a Cadillac Dealer?

Firstly, be aware that the dealer themselves don’t provide the loan. They help you fill out the application and then take it to various lenders so that you can choose the best approved loan offer.

From the moment your application is submitted, it might take a couple of hours to be approved, or it might take longer. Usually, you won’t have to wait for more than three or four days. The length of time depends on various factors: most importantly on your credit score and history.

Apply Bright and Early

One tip to boost your chances of same-day approval is to get to the dealership nice and early in the day. Financial companies work regular business hours, so if they receive an application last thing in the afternoon, you’re not likely to receive approval until the following day.

For help getting a car loan as quickly as possible, with all the work done for you, visit Service Cadillac. Over the last decade, we’ve become one of the most trusted dealerships in Louisiana. Our dedication is to provide the region’s highest level of service before, during, and after each and every sale.

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