Car Loan Requirements
How are Car Loan applications approved? No, it's not arbitrary or Black Magic. It's actually the complete opposite – a standardized process that involves a lender closely reviewing a list of an individual's financial statistics to gauge their eligibility. Living up to our credo, we have Nationwide Financing for any Credit Type, just make sure that you meet the minimum requirements before applying.
Below are key factors used to approve loan applications. So before you apply for a loan through Harbor Credit, take a look at what the requirements are:
Monthly Income
Your gross monthly income should be about $1500 per month or more.
Credit Report
A credit report must exist in your name and all information on the loan application must match it. Remember to complete all fields on the application accurately – with proper format and no typos. Most applications are approved or declined automatically based on entered data.
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Car Loan Amount
A new or used car loan is typically between $5,000 and $50,000, depending on the length of the loan period. If you need a loan for less than $5000, you can apply for a Personal Loan.
Apply for a Personal Loan»
Employment History
Steady employment is preferable by all lenders. If you're self-employed, proof of two years minimum employment history must be provided with tax returns. We require at least one year of continued employment with the same employer.
Vehicle Type
The lending process is compounded if the automobile is a sports car, motorcycle, collector vehicle, hot rod, or similar type car. Some lenders are also particular with other vehicles such as SUV's and trucks. We suggest that you find a vehicle that you can afford within your budget.
Find out what you can afford with our Car Loan Calculator»
Car Refinancing
After having a Car Loan for three months with onetime payments your pre-qualify to refinance your car loan and lower you car payments. When refinancing, your credit history must show that your current auto loan or mortgage loan payments are not more than 30 days overdue, within the last 3-month period.
Other Financing Considerations
• Complete all fields on the application accurately with proper format and no typos.
• Our application form is 100% Safe & Secure
• Apply online. It is secure and fast.
Car Loan
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