Top 5 Car Loan Application Tips

It is critical that you provide accurate, honest information when you complete a car loan application either online or at a dealership. Failing to do so can cause your application to not be processed properly and could easily prevent you from getting a car loan.

While it is important that all of your information is accurate below are the most common mistakes.

1. Accurate Social Security Number - When your application is processed your information will not be found without an accurate SSN.

2. Accurate Income Information -  Be sure you are reporting all of your income.

Things to include: salary, alimony, social security benefits, money earned from other jobs, etc.

Under-reporting your income can unintentionally cause your application to be deemed less desirable by potential lenders.

*Gross Income means income before taxes and other deductions.

3. Valid Email Addresses - Especially if you are filling out your application online you MUST have a valid email address entered so that you can be contacted with important follow-up information.

People often use invalid email addresses when filling out forms and the potential lenders and car dealerships cannot reach their customers with important application information. Do not assume they will just make a phone call.

4. Phone Number Issues - Often people fill out the wrong number for their place of work or even their home. If you do not have one of these numbers be sure to use a valid phone number that you can be reached out. For example if you do not have a work phone number because you are retired, do not use 000-000-0000, instead list a valid number where you can be reached.

Cell phone numbers are often not required however if you only have a cell phone you should also list that as your home phone because home phone numbers are required.

5. Know Your Credit Score - Before you apply for a car loan you should know your credit score so that you are prepared to discuss your situation with the dealership and/or potential lender. Knowing your score is important so that you know where you stand going into the process.

If you do not know your credit score you can get your Free Credit Score from all 3 bureaus here