Seattle Auto Loans - What Factors Are Considered By The Lender?
The Emerald city has everything from sea, rivers
, forests, lakes to hills. Having such a large topography offers great options for recreation. And, what better way to reach places than your own car? Yes, you can easily buy a car in Seattle. Most Seattleites, like Americans, don't have access to ready cash. But, people of Seattle do have access to affordable and instant car loans. If you live in the port city and want to buy a new or used car, this article will prove to be your one-stop guide in securing a low rate auto loan.What Factors are considered for Getting Approval on Auto Loans in Seattle?
Credit Score
Your credit score and credit history give the idea of your loan repayment ability. Lenders understand the credit risk associated with you when they study your credit report. If you have late payments, bankruptcy or repossession, the lender will be reluctant in offering low rate Seattle car loans.
Income and Employment
Even if you have an excellent credit score, a job is very important. If you don't earn well, no lender will give you a car loan. When you have no job and no income, you won't be able to repay loans. So, lenders want you to earn at least $1,000 per month.
Down Payment
The initial upfront amount that you pay reduces the Seattle car loan amount. When you make a down payment, the lender is assured of your financial capacity. He knows that you are capable of making huge payments and so, regular monthly payments won't be any problem for you. This helps in getting instant approval.
Co-Signer
When you ask someone with a good credit score to co-sign your Seattle auto loan, the lender is assured of his money. He knows that he can get his money from the co-signer if you stop making payments.
Car Type
A lot depends on the type of car you are buying. If you are buying a new car, you will have slightly lower rates because the car comes with warranty. Also, it is generally assumed that new cars have lesser repairs and will work for a longer period of time. When you buy a used car, you have the benefit of lower loan amount. Although the interest rates may be a bit higher because higher cost of repairs, used car are a better option for people with low income and bad credit borrowers.
Manufacturing Year
If you buy a very old car, lenders won't approve your Seattle car loan. This is because a very old car won't be useful as collateral. So, don't choose a car that is older than seven years.
How to Get Guaranteed Approval on Seattle Auto Loans?
When you have to buy an automobile with a car loan in Seattle, you must adopt a strategic approach. You can get an auto loan even when you have a bad credit score or no credit history. The only thing important is that you concentrate on other aspects of car loan approval criteria if you don't have a good credit score.
If your credit score is low, go for a higher down payment. If you cannot make a down
payment, search for a co-signer. Everything is possible when you understand the process of getting approval on your car loan in Seattle. Next time you want to buy a car in Seattle, improve on other aspects if you are weak in one of them.
Why is it Easy to Get Instant Approval on Auto Loans in Seattle?
Seattle is the third busiest port of the nation. Due to large number of customer base, there is high competition in the auto loan market. Lenders are offering auto loans to all types of credit borrowers because they don't want to lose any opportunity of getting business.
Just remember that if you pay your bills on time and have a steady job, no one can give you a hard time.
All the best!
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