It really is better if you can take your time, shop around for the best deal, weigh your options, negotiate your offer, and buy a car without added pressure. We don’t always have the luxury of time, though. If you have a new job and need to get a car right away so you can get to work, or if you’ve found the car of your dreams and have to beat out the competition, you may need a same day car loan. Here’s how to get one.
An Online Loan Is Your Safest Bet
There is a possibility that you could get approved for a loan on the same day through a dealership or bank, but that is a very unlikely. If you absolutely do not have time to mess around with a bank and can’t take a chance at a dealership, an online same day loan is the only way to go.
Step 1: Know your credit score. You can go online to sites like TrueCredit and Equifax to get a free credit report, but you may have to pay a small fee for your credit score. The report is always nice, but you need to know your credit score. Most online same day loan companies will ask for it.
Step 2: Get your most recent pay stub. The online loan companies will need to know how much you make. If you just got a job, you will have to give them an estimate of what you will be making. They will also want your employer’s address and possibly their tax ID number.
Step 3: Gather your bills and statements. Online loan companies will want to know how much you spend on bills each month. Have your statements and bills handy so you can easily give them that information.
Step 4: Get your most recent bank statement. The loan company will want to know where you bank, what type of accounts you have, and your current balance.
Step 5: Go online and apply for a same day loan. Go to Lending Tree for multiple offers from multiple financial institutions. You can also apply at various lenders’ websites directly, like LightStream. You will hear back from them almost immediately.
Step 6: Compare the offers. Look closely at the annual percentage rate (APR) they are charging and what loan options they are offering. The shorter the loan duration, the better the APR you can get.
You can also usually get a better rate if you agree to let them take the payments directly from your account. Don’t jump at the first lender that replies. Even though you are in a hurry, give the process at least an hour or two so you can get the best deal.
Step 7: Complete your application. You will need to give your chosen lender any other information required, which may include your bank account routing number and account number. These numbers are printed along the bottom of your checks.
If you don’t have any checks, you should be able to find the numbers online or on your bank statement. The online lender can deposit the money in your account fairly quickly. They will send you an email notification when the money has been deposited. You can also monitor your account balance online.
Step 8: Contact the seller. Let them know immediately when you are approved and make arrangements to meet with them.
Step 9: Go to the bank. Get a certified check in the amount requested by the seller. This is a check that the teller at the bank prints out and signs. Most sellers will insist on this type of check because it guarantees that the money is in the account and the check is good.
Depending on the timing, you may be able to do this on the way to meet the seller. If you aren’t going to meet with the seller until after banking hours, go get the certified check right away.