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Auto Loan Lending Criteria

Whenever we apply for a loan, we fill out an application that includes all kinds of information about ourselves and then lenders return with an offer. Offers vary from loan applicant to loan applicant, but why? Have you ever wondered exactly what it is that lenders take under consideration while deciding what offer they will make? Here is a list of criteria lenders consider:

  • Your Income: Lenders want to know that whatever amount of money they lend you, you can afford to pay back without struggling.
  • Employment: Before lending you money, creditors will want to have some degree of assurance that you will continue to make your stated income. So they will look at how long you have had your current job, and possibly previous employment.
  • Credit History: Lenders will pull a credit report to find out your credit score and history. The credit report tells them how much you currently owe to other creditors, how often you apply for lines of credit and if you have any overdue accounts.
  • Residential Situation: Sometimes creditors while make their determination based on your residential history, looking mainly to see if you move frequently or tend to remain in one place.

While different lenders may have other criteria that they consider as well, these are the most common, main criteria they consider before offering a loan. You might consider before applying getting to know your credit score and credit report, there may be ways to improve your credit rating, which will look more favorable to lenders when you apply for your auto loan.

After getting situated with an Kansas car loan, make sure you are familiar with driving in Kansas; especially the roundabouts.

Find out here what sources are available for Kansas consumers looking for an auto loan. Learn More Having bad credit does not mean you cannot qualify for an auto loan. Find out what your options are. Learn More