If a self-employed customer is searching for a car loan, the customer may access an online marketplace that could allow the buyer to compare the available loans. For example, the customer can evaluate the reputation of each lender, the duration of the loan, the monthly payments and the interest rate.
Before the customer applies, the lender might prequalify the customer, and once the buyer completes the application, the self-employed customer may provide multiple documents that describe the customer’s income.
Accessing the Marketplace and Selecting a Car Loan
Lantern by SoFi has created a marketplace that can allow customers to examine many lenders. For example, the marketplace could significantly increase the competitiveness of the lenders, and consequently, some lenders may provide lower interest rates, offer better terms and eliminate several fees.
Examining the Monthly Payments and Submitting an Application
Once a customer selects a loan, the buyer may utilize an online calculator that will help the customer to evaluate the monthly payments. The calculator can automatically examine the total value of the loan, the duration of the car loan, the down payment and the interest rate, and the valuable tool could quickly estimate the monthly payments. Subsequently, the self-employed customer may complete an application, and the buyer can also submit several types of documents.
Providing a Bank Statement
The customer could share a bank statement that will describe the customer’s income. When the lender reviews the bank statement, the company may also examine the monthly expenses, the balance of the account and each source of income. If the bank account has a substantial balance, the lender could quickly approve the application. Subsequently, the customer may receive the funds within 24 hours.
Examining the Credit Score of the Customer
After a self-employed customer applies, the company can also check the customer’s credit score. For example, suppose the buyer has a high credit score. In that case, the lender could considerably reduce the loan’s interest rate, and the company may provide flexible terms that will improve the customer’s satisfaction.
Submitting Additional Documents
Sometimes, the borrower may provide documents that will verify the customer’s identity. For example, the buyer could provide pictures that show the driver’s license, a birth certificate or a passport. According to several reports, these documents could expedite the approval process. If the lender has any questions, the company may contact the borrower, review the documents, and check the borrower’s credit history.
Refinancing a Car Loan and Comparing Several Types of Loans
Before the customer selects a new loan, the self-employed customer may utilize an auto refinance calculator. Subsequently, the borrower could find a loan with a better interest rate, lower fees and a longer duration. In addition, the calculator may examine the balance of the loan, the interest rate of the previous loan, the credit score, and the duration of the loan.
In addition, the automated tool can find lenders who could substantially reduce the monthly payments, and the customer may quickly compare the loans, select a car loan and submit an online application.