Clark County Credit Union (Las Vegas, NV)

4 Things to Do to Increase Your Approval Odds on a Credit Union Auto Loan in Las Vegas

If you're planning to apply for a credit union auto loan in Las Vegas, it's smart to take steps to increase your chances of securing loan approval. Here are things you can do to boost your loan approval odds.

Increase Your Credit Score Before Applying for a Credit Union Auto Loan in Las Vegas

Application for a Credit Union Auto Loan in Las VegasBefore you apply for your auto loan with a credit union in Las Vegas, check that your credit score is as high as possible. In general, the higher your credit score, the better your chances of being approved for an auto loan. If you are approved, a higher credit score will help you procure a lower interest rate.

Make sure that you pay your bills on time, as late payments will lower your credit score. If you've made late payments in the past, the effects of these late payments on your credit will decrease over time.

Try to pay your credit cards and revolving lines of credit down so that you aren't using more than 30 percent of your available balance. Credit cards and lines of credit with high balances signal to your lender that you might be having budget issues.

Check Your Credit Report for Inaccuracies

Request a copy of your credit report to ensure that the information on your report is accurate. Erroneous, wrong, or outdated info can lower your credit score. If you notice any incorrect information, notify the credit bureau in writing about the inaccuracies.

Secure a Source of Verifiable, Stable Income

Some lenders may be willing to overlook less-than-perfect credit if you can prove that you have a source of steady income. Be prepared to provide paycheck stubs, W2s, and tax returns so that a credit union auto loan in Las Vegas can verify your income.

If you're self-employed, you'll need to provide a couple of years worth of income documentation for the best chances of loan approval and the most favorable interest rates.

Apply with a Cosigner

If you don't have verifiable income or if you have poor credit, applying with a cosigner will increase your chances of being approved for an auto loan. Or, if you're approved for a loan, but it has a high interest rate, reapplying with a creditworthy cosigner can lower your interest rate. Look for a cosigner with a strong credit history and verifiable income for the best chances of approval.

Ready to apply for an auto loan with a credit union in Las Vegas? Contact CCCU today to get started!

 

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