How to apply for a loan?
The process of qualifying for a loan with this lender can be broken down into four main steps:
Pre-qualification. Before anything happens, you need to figure out which is the maximum amount you can borrow under Vroom. This used car financing firm only conducts a soft credit check, but you will have to disclose information regarding your annual income and other personal data.
Vehicle selection. This company's line-up is vast enough, so chances are that you will find something that suits your tastes, needs, and budget. The vehicle of your choice can be freely reserved for a period of up to 24 hours.
Financing application. Usually, it takes only ten minutes for your financing application to be either accepted or denied. The process of applying for financing with Vroom is done entirely through the official website. There's a hard credit check involved, but at the end, you'll be given your actual terms.
Delivery or in-store pickup. This is the final step. Please note that vehicle delivery might prove to be costly. Also, remember that Vroom will have plates and paperwork at the ready since they can handle all the state DMV matters on your behalf.
Requirements
There is no publicly available information regarding the minimal credit score required to qualify for a loan. Curiously enough, there's no clear information regarding the APRs offered, but they most likely depend heavily on your credit history.
Even though there's no official information regarding the requirements, it can be assumed that you have to have at least a fair credit score and some form of income. You also have to be a US citizen over the age of 18 (19 or 21 in some states).
Application details
During the pre-qualification process, you will be asked to share the information regarding:
SSN
Home address
Phone number and email address
Date of birth
Current employment information and employer data
Housing status
Monthly mortgage payments
Driver's license
Insurance.
You can apply for a loan with co-buyers and cosigners. The process is done fully online. The approval can be instant. The speed with which this company reviews applications is quick.
Usual reasons for rejection include insufficient income, bad credit history, unfavorable financial circumstances, and more. The reasons why Vroom turns down applicants don't differ much from the reasons given by other lenders.
