Hello, this is Curtis Winterbottom here at AutoCenters Herculaneum. I want to go over guaranteed approvals.
How can dealerships advertise guaranteed or say that you’re guaranteed approved over the phone based on the information that they have? This is a real thing. And I would like to go over how the process should go.
Okay, let’s break this down. How can you know if you have a guaranteed approval, and you’re in the right hands or they’re going through the right process? The right process is going to start with the application. Then you’re going to have verifications and then your stipulations.
So the first step to the process is going to be the application and I find this to be the most important part of the process. Now whether you’re filling it out online or you fill it out in the dealership, it’s important to know this information. I find that people don’t know how much income they’re making, or they put down to little income. So it’s important to know what your gross income is. So that way you fill out the right correct information and how long you’ve been on your job, and how long you’ve lived at your address. This is the most detailed part of the application that’s going to give you the best chance to enjoy your guaranteed approval.
The next step of the process is verifications. So let’s say that you filled out the credit application online and the dealership calls you now says, in order to get more information you need to come in. This is a real thing. The dealership not only has to verify the information that you filled out and help you with the calculations on the income and make sure that the residence time is good. But they also have to verify that this is who you are with your driver’s license or your state ID. verifications is very important. So they can send over to the bank the correct information. Even though we know that you are able to calculate that information we have to double check the calculations with the lender so that way you can get your guaranteed approval.
The final part of the process is going to be stipulations. stipulations are requirements that the lender has, in order for you to get your guaranteed approval in order for them to sign off on your guaranteed approval. I don’t want you to get discouraged by stipulations, stipulations are normal. Whether you have good credit or bad credit, there’s going to be stipulations on the loan. Let’s say Nancy is a good credit customer, maybe your stipulations is to make the monthly payment. But if you have bad credit, a stipulation that I would be talking about might be seeing your last six months bank statements showing those deposits that you say that are deposited into your bank account just for proof, something like that. Now this is important to find a dealership well educated on overcoming these stipulations is that can make the big difference. And you leaving with a new vehicle or leaving in the vehicle that you came.
So that’s it. Those are the three parts of the process of the guaranteed approval is going to be application verifications, and stipulations. Again, I’m Curtis Winterbottom here at AutoCenters Herculaneum. I wish everybody the best in the search for their guaranteed approval.