There are many online lending institution and credit unions which offer American consumers with online auto financing and flexible repayment facilities. These lending institutions takes negligible or no processing charge to provide low interest auto loan and flexible repayment tenures for the used car buyers.
What you need to keep in mind while buying a used car? – When you buy a used car make sure you choose a model that is not more than 3-5 years old.
When you think to buy a used car and want to consider a loan for it, make sure that you hand over the following document to the financial institution –
- Account statement from the last 12 months, showing your transaction mode
- Signature verification
- Identity proof
- Residential proof
- Latest salary slips with the break ups
- Tax return documents for last two years
You need to keep in mind that the online lenders also avail loans to no-income groups considering the credit report or financial status of the cosigner they bring along. Car loan repayment varies according to the amount of loan you apply. So, whatever loan type you choose make sure you do not defer the payment as that adds to your credit status and can damage it further.