Thursday, May 6, 2010

How to Get a Car Loan on Severance Pay

Losing a job can have significant financial implications, and one of the most devastating results involves the ability to obtain a loan. Lenders generally do not approve loans for borrowers without a steady income. If you receive severance pay, though, you can obtain a loan for a car by following a few key steps.

Instructions

    1

    Establish a strong credit score. Borrowers who do not have a good credit history can find it difficult to secure an auto loan, and the lender likely applies greater skepticism if a borrower has no work income. While severance pay may meet income requirements, the lender still could deny your loan application if your credit score is too low. You can establish a good credit history and repair a poor credit history by avoiding late payments and by paying off debts.

    2

    Gather documentation showing that you receive severance pay. This documentation must show the beginning and ending date for your severance pay payments and the frequency and amount that you will receive in severance payments.

    3

    Make copies of these documents. You need to keep your original documents. Thus, you want to make copies to provide to the loan officer at the bank or at the dealership. This ensures that nobody misplaces or loses your documentation.

    4

    Save money for a down payment. Most lenders require you to pay at least 10 percent of the purchase price for a vehicle when you apply for a loan. Therefore, you should save some money prior to beginning the loan process.

    5

    Apply for a car loan. You can do this on your own through a financial institution or through a car dealership's financial network.

    6

    Sign the loan paperwork to close the loan.

    7

    Make the down payment to the car salesman and take possession of your new vehicle.

4 comments:

  1. If you must contact any firm with reference to securing a loan online with low interest rate of 3% and better repayment plans/schedule. You can contact them via email on { certifiedloanservice@gmail . com } or whatsapp @ +15754148400

    ReplyDelete
  2. We can help you with your application. You can BORROW any amount and use it to pay off all your debts, speak to us and we will assist you. If you where turned down we welcome you to re-apply with us. Try us for real service. We will review the application and keep you informed every step.

    • Loans For Any Purpose?
    • Apply Instantly Now?
    • Your Money In 24 Hours?
    • No Personal Credit CHECKS

    Apply for no credit check loan We are standing by to finance your dream. For more info email us with your loan informations at: opploansLLC@gmail.com

    ReplyDelete
  3. I am a successful business owner and father. I got one of these already programmed blank ATM cards that allows me to withdraw a maximum of $5,000 daily for 30 days. I am so happy about these cards because I received mine last week and have already used it to get $20,000. Skylink technology is giving out these cards to support people in any kind of financial problem. I must be sincere to you, when i first saw the advert, I believed it to be illegal and a hoax but when I contacted this team, they confirmed to me that although it is illegal, nobody gets caught while using these cards because they have been programmed to disable every communication once inserted into any Automated Teller Machine(ATM). If interested get through to them on mail: skylinktechnes@yahoo.com or whatsapp/telegram: +1(213)785-1553

    ReplyDelete
  4. Getting a car loan against your car is like unlocking cash in your driveway! It's a smart way to turn your wheels into funds for your needs.

    ReplyDelete