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Posts Tagged ‘common loan mistakes’

Posted On: December 26, 2012 By: In: Blog |  No Comments »

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 automatedĀ  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.

How To Get A Car LoanĀ  – Conclusion

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”.