Category Archives: Car Loan

3 elements that are helpful when obtaining a car loan

Although car loans have slowed in the last year, there are still many people looking to buy a car for different purposes. The brands present different offers, financing options, gifts, etc., to attract more and more customers, but many of them are surprised that the credit is not approved.

Obtain a car loan

Each entity has different requirements to request this type of financing, but it is not just about them. The truth is that, meeting the requirements does not necessarily guarantee that you will get the loan, because in the end it is the bank that must assess how risky it thinks you are. Therefore, if you want to improve your image before financial institutions, these are three elements that will play in your favor:

Not having a large debt with your credit card

If you have one or more credit cards, it is more than advisable that you do not use much of your credit line, that is, that the debt is not considerable, otherwise it will be affecting your ability to pay.

Have a considerable seniority in your work

The more time you have in your work, you provide an image of stability, as you are less likely to decide to quit. Some entities ask for at least six months for dependent workers, but if you have more time, it may be a point in favor.

Properly support your income

If you have the documents in order and can support the income of your last months, either from your salary or additional, you will be facilitating the bank to carry out the evaluation, in addition to demonstrating that you are able to pay what you borrow.

Remember, in addition, that each entity not only has different requirements, but also different interest rates and particular benefits. To ensure a proper choice, it is recommended that you have at least three options. If you are looking for alternatives, use Dorothy’s auto credit comparator.