(PRWEB) December 29, 2013
According to a study by the United States Auto Loan council, almost half of all car buyers fail to complete a car purchase even after starting the final loan approval paperwork. Many of these car buyers are dissuaded from their car purchases by the mountains of paperwork that they are expected to fill out.
Complete Auto Loans believes that a key motivator to increasing the rate of conversions between car shoppers and car buyers is minimizing the obstacles that stand in their way to ownership. As part of its continued 2013 campaign to streamline the loan application process, Complete Auto Loans did away with several identification requirements that were previously required for all loan applications.
According to Rob Kaiser, marketing director at Complete Auto Loans, most dealerships require redundant paperwork that discourages purchasers from continuing their applications. “We tracked two dozen loan applications through different lenders, and found that lenders often asked for complicated financial statements, notarized tax returns, even multiple copies of identification such as social security cards.” Complete Auto Loans still requires that all borrowers submit one form of identification, but they are now able to prove their income with one form rather than having to fill out several.
As car buyers throughout the country aim to take advantage of year-end car sales and specials, the Complete Auto Loans streamlined loan application is expected to find wide approval. Many borrowers in the United States seek car loans without the extensive credit histories and multi-year employment that they might have had in the past, so Complete Auto Loans sees their overhaul as being the natural evolution of the loan industry to match the demographics of the United States.