Alpha Auto Credit will be doing a series on “How To Get A Car Loan” and common mistakes that applicants make while filling out their online auto loan application(s).
A common mistake auto loan applicants make when completing an online auto loan is the “occupation” and “employer” fields. Some applicants will try to put more than one occupation and employer in two fields. Doing this can potentially cause an application to be flagged for fraud or non acceptable characters in those fields. (See example below)
Occupation: Nurse/Red Cross
Employer: Main St. Hospital/Red Cross
To a human or automated reviewer this can be confusing and the use of characters such as: ( / \ – _ *) can cause an application to be flagged or rejected period.
To avoid having a finance application flagged or rejected use only one occupation and one employer. Spell them out as completely as possible vs. using abbreviations or acronyms.
If an applicant has more than one occupation and employer, the 2nd job with lowest income can be listed or added to the finance application under additional income. Here you can add the additional income and list it as a 2nd job along with occupation and employer without putting the application at risk for decline.
Always remember that online auto loans are processed by computers and then sometimes reviewed by a real person before your application is matched with a lender or local auto dealer in your area. Never list multiple occupations and employers in the same field. Add additional income in the section of most online finance applications when asked for under “additional income”.
[VIDEO] How to complete your online auto loan application. This short 2 minute video will give you some quick tips for filling out your online auto loan application and putting the odds in your favor to get your loan application approved quickly.
Fox Business in a recent article posted some tips for car shoppers in search of auto financing:
Alpha Auto Credit helps car shoppers with all three points:
To read the entire Fox Business article click link
Many folks take CarFax reports at face value, but CarFax does not always tell the whole picture. CarFax is only as accurate and reliable as the honesty of the parties involved in selling the vehicle(s)
Recently, I purchased a vehicle from a friend of mine who owns a local dealership. He picked the vehicle up at auction for me and it was highlighted as “Clean CarFax Report”…but was it? After I purchased the vehicle I noticed a few things on the front grill which made me start looking under in the engine compartment and under the frame. What I found surprised me. It was obvious that the vehicle had been hit on the left / front side of the vehicle. But wait! It was supposed to have a clean CarFax report. So what happened?
After talking with some of my friends in the auto industry and my trusted mechanic, CarFax reports can be faked or falsely completed. So who’s at fault when a CarFax report is reported falsely?
Many folks involved with the disposition of a vehicle can play a part in CarFax reports not being filed or being falsely reported. It boils down to greed from all involved. By not having a negative CarFax report filed, the seller, whether the insurance company, owner, auto dealer, or body shop they will ultimately be able to sell the vehicle for more at auction or retail sale.
What can car buyers do? Answer: Always bring a pre-owned vehicle to a trusted mechanic to look the vehicle over thoroughly and ask them to specifically look for anything that might look like body or frame damage that has been covered up. The small fee you might pay to have a vehicle looked at by another professional with no interest in the sale of the vehicle will be well worth it.
Share your comments below. Have you purchased a vehicle in the past or recently that had a false CarFax report on file?
Here at Alpha Auto Credit, we’ve got some great ideas brewing to help every bad credit car loan shopper in 2013 and into the near future. But rather than giving some of the over used marketing and sales speak on a 100% Guaranteed approval rate, or that you’ll get a phone call from a lender or car dealer in 60 seconds, we speak directly to you.
We want to hear from bad credit car shoppers and what you are encountering in your search for a new or used vehicle right now.
This is IMPORTANT! If you are having a tough time getting a car loan for any of the following reasons, we want to help.
As you can see, buying a car with bad credit encompasses a wide spectrum of potential car buyers.
Here’s an interesting fact regarding online loans and a car buyer with bad credit; Many car shoppers will complete multiple online car loan applications until they finally find a lender or dealership willing to work with them. Further analysis of our data shows that many car shoppers will complete an online car loan application once every three to four weeks until they find a car or they just give up trying.
Do you identify with our analysis? How many online credit applications have you completed over the past 30-90 days? How many times have you been turned down for a car loan?
So here’s the offer: Take our short survey and get automatically entered into our monthly random drawing for a $50 gas card. With oil prices continuing to rise and gas prices going up at the pump who can’t use $50 of gas in their tank?
We are currently putting together some programs we believe can help every bad credit car loan shopper in the US through our nation-wide dealership and lender network.
Everyone who participates in our Bad Credit Car Loan survey will get a copy of our report when completed.
Alpha Auto Credit wants to raise the bar on the consumer car shopping experience, and with your help we believe we can change the way the auto industry looks at good people with bad credit.