Credit Application

To qualify for a loan, a credit check must be performed on the applicant. This consists of taking into account all the income sources the applicant has, such as his or her annual salary, interest payments from a savings account, and profits from investments. You will want to be sure to include all sources of income when completing a loan application.

This is combined with a credit history of the applicant to see if there are any other outstanding loans or if the applicant has defaulted on payments to credit cards, bank accounts and the like. The down payment the applicant makes on the vehicle can also be taking into account as well. Someone who may not qualify for a zero down loan for example may qualify for another type of loan if the down payment meets the requirements.