6 Things You Should Bring to an On the Spot Financing Dealership

July 31, 2011 by  Filed under: Credit 

If you’re interested in purchasing a car from an on the spot financing or buy here pay here dealership, there are a few things you should do to prepare for that day you go in to submit your application. A lot of car buyers are unprepared or unaware of the things they should bring. Following these tips should help you speed up the approval process.

1. Bring your driver’s license- Your driver’s license will allow the dealership to verify your identity. Plus, they want to know you can legally drive.

2. Have proof of income – Most people will use recent pay stubs for proof of income, but any kind of proof that you are receiving income will do. The reason they want proof of your income is that they want to be sure you will be able to make the regular payments on your vehicle. And a consistent cash flow in your name tells them that you can make consistent payments.

3. Have a cash down payment and/or trade title – Make sure you have a sum of money saved up beforehand so you can make the down payment on your vehicle as soon as possible. That way, once you’re approved, you won’t have to wait any longer to get your car. Also, if you have a car to trade in, bring the vehicle title as well. And be sure to let your representative know about your down payment and trade.

4. Bring a recent phone or utility bill of yours – This will provide proof to the salesperson and the dealership that you truly live at the address you say you do.

5. Proof of your bank account – Some form of proof that you have a bank account (a bank statement would do) will help to remind them that you’re responsible with your money and you can handle making your car payments. While many dealers who work with people who have bad or no credit do not require a bank account, if you have one, be sure to bring that information.

6. Have 12 references prepared – No matter how good or bad your credit is, having references to back up your credibility as a good person will reassure the dealership that you are someone they want to sell a car to. Usually past employers, friends, or family who know you are the best references to use.

All of these tips will help speed up the process in getting you back on the road. You must prove to the dealership that you are capable of making your car payments and deserving of approval for vehicle financing.

CarHop has store locations in twelve states across the U.S. and specializes in helping car buyers with poor or no credit get approved for financing to get them driving again fast. Every CarHop vehicle includes an 18-month, 18,000 mile limited warranty at no extra charge. CarHop is now in its 15th year of pursuing its mission of “Helping People Drive®.” For more information, please visit http://www.carhop.com.

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