Many people looking to purchase a new vehicle end up turning to an auto loan over paying cash for the ride. However, some are worried about being able to finance their new ride due to credit issues. But, credit doesn't have to hold you back from being able to get the vehicle of your dreams. You can get what you need with the help of guaranteed auto loans. To make sure you get approved and drive away in the vehicle you want, here are three tips to help you along the way.
Gather up names of references.
One of the first things you want to start working on is a list of references. You need people who are going to be willing to vouch for you as an individual. The dealer will ask them questions about where you work, where you live and whether they think you are going to be able to make the payments on the loan. Make sure you choose people who you know are going to put in a good word for you. You will need to provide the dealer with the individual's names, address, phone numbers and how long you have known them.
Start saving a down payment.
As you prepare to get a new vehicle, you want to start saving up your down payment. Most guaranteed auto lenders are going to require you to put money down. The amount of money you are going to have to put down is going to vary based on the vehicle you are looking at. Newer vehicles are going to require more money down. You can always trade in an old vehicle to count as part of your down payment as well.
Be able to prove your income and residence.
Guaranteed lenders are going to need proof of your residence and your income. Something like a utility bill or bank statement will often work as proof of residence. For income, bring in a couple of months' worth of your income. Self-employed individuals might want to bring in a tax return as proof of their income. Bank statements can work as well. The lender needs to be able to see that you can afford the payments on the vehicle.
By following the tips above, you can make sure you are able to get the vehicle you want and drive away without having to wait for quite some time to get approved. To learn more, contact a company like Leopardi Auto Sales.