When you fill in an online auto loan application it will be immediately read by a human not a software program. If it is submitted outside of business hours it will be humanly viewed by 9AM on the following business day morning.
The person reading the form will immediately be able to tell what kind of loan amount, payment, and length of term you qualify for from the required fields on the form. He will then send you an email, or text, or call you, depending on how you requested to be contacted and let you know your approval status.
The form you are filling out is actually a pre-approval form. Guaranteed Auto Loans does not itself lend out any money. Instead it matches up the information on the application with the best lender. Rob Taggart with 24 years of experience in doing this can instantly determine who will loan money at the lowest interest rate possible.
All lenders, be they a bank or other money lending institution, will always offer a higher rate to an independent person off the street who applies directly to them. If the potential customer balks in any way they will drop the rate for a better deal knowing they have some leeway in the bargaining process. This does not happen when Rob submits the application on behalf of the client. The lenders already know that Rob knows what their best rate is so they don’t bother playing the bargaining game with him.
If an individual were to approach several lenders for a loan, this would show up on their credit report as several attempts to get a loan. When Rob looks up the credit record it is only done once. He then approaches lenders who would grant a loan based on the application. Whoever offers the best deal gets all the information from the form including the one credit report that Rob will have already printed out for the lender. Rob and the lender will then prepare all the paperwork ahead of time. The client is informed of the maximum amount that can be financed and what the payments will be. Longer terms can be given on newer vehicles, shorter terms on older vehicles. Now all the client has to do is sign on the dotted line. So the form is both a Pre-approval and an Approval but the actual approval form is from the lending institution itself.
Now quite often what will happen is the customer will choose an older vehicle because his or her credit rating is very bad at that moment in time. When a credit rating is bad this usually means the lenders will only loan out at a high interest rate. So the smart thing for the client to do is to get a loan with no pre-payment penalties with the intention of trading in the vehicle after a year for a better one at a better interest rate and refinancing the loan.
This can be done for a couple of years or more in a row until the client’s payment record shows that they qualify for “prime rate” which the lowest rate the industry can offer. Rob will already have anticipated this for the client and will arrange the type of loan necessary with the proper wording ahead of time and will guide the client through the process each year. We have many real testimonials on line with real names and real phone numbers that can be verified unlike other dealers who put up unverifiable testimonials on their sites. These clients have been through the cycle of bad credit to good credit over a couple of years or even sometimes within 1 year.