The Auto Loan Application Process

Just the term auto loan application can be intimidating, and that's before you even sit down to fill out the form. However, filling out an online auto loan application is as simple as filling out a job application. A great many of the questions are exactly the same, and the entire process takes only a few minutes to complete.

The following are example questions that you will find on any online car loan application.

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Information on Your Auto Loan Needs

These questions make up the initial phase of questions on your car loan application.

• What loan type do you need? (Lease, New Car, Used Car by Dealer, Used Car by non-Dealer, Refinance)
  
  
• What loan term do you prefer? (24, 36, 48, 60, and 72 month terms of repayment are the norm)


• What type of vehicle are you purchasing?


• What is the amount of the loan that you are requesting? (Ask for a little more than what you need just to be safe.)


• Is this is a joint or individual application? (If you wish to share the title with another person or boost your chances of getting low rates by including another's income and/or credit score, then choose a joint application.)

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Your Personal Information

• What state do you live in? (A zip code may be requested.)


• What is your birth date?


• What is your social security number?


• Where have you lived for the last two years? (If your billing address is different from your home address, then you will need to include it, as well.)


• Do you own or rent your home? How long have you lived at your current address? How much is your monthly mortgage or rent payment?


• Where do you work? How long have you worked there? (If less than two years, what are the details of your previous job?) How much do you make? You may also be asked to provide pay stubs or a phone number for confirmation purposes.


• What are your liquid assets?


• Do you have any other income? (If so, what is the source of this income and how much is it? This includes alimony, trust funds, social security payments, college loans, child support, as well as sideline employment.)

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Additional Info for Your Car Loan

You will also need to provide trade-in information, if applicable. To speed the process, have all your paperwork in front of you before you begin.

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