Consumer Loans
Perhaps your car just broke down, and you need to start shopping for a new one, or you are finally ready to tackle that home renovation you’ve been putting off. Maybe you have even bigger plans, like building your dream home from the ground up. There are many reasons you may consider getting a consumer loan, but they all have a similar foundation. We sat down with an experienced ANB lender to address some things to consider before you start the loan process.
What documents should I have prepared before meeting with a loan specialist?
It really depends on the type, nature, size, and complexity of the loan and overall relationship! In general, it’s good to always have the following readily available when you’re ready to meet with a lender or apply for a loan:
- Last 3 years of full tax returns,
- Current personal financial statement (which is within our loan application),
- Tax return extension (if past the filing deadline),
- Prior year W-2,
- Most recent paystub,
- And insurance information (for the collateral securing the loan).
Additional information may be required depending on the type of loan.
How do you assess a borrower's creditworthiness?
For consumer loans, in general, a lender will look at: the cash flow of the borrower(s), credit reports, and the collateral. ANB Bank is not a credit score-based lender, however, we look at the entire credit report and may ask for explanations.
Do I have any options if my application is rejected?
Potentially. Each loan is reviewed individually. Your lender would be happy to explain different options.
How does the loan approval process work?
At ANB Bank, you will work with a local lender using our streamlined loan application process. The lender will then send the application and requested list of items to the customer to complete and return to the Bank. Once received, the lender will review and work toward an approval. Additional information may be needed throughout the process.
What factors affect the interest rate I can qualify for?
ANB Bank does not have different rates depending on your credit score, instead we offer a rate discount on some loan types, based on other products or services you may have with the bank.
What can I do to improve my chances of qualifying for a loan?
It’s important to always make your payments on time. Additionally, certain types of loans will require down payment funds. Please talk with your loan officer to determine what may be needed.
What advice would you give to someone beginning the process of applying for a consumer loan?
Be prepared. We will ask about your income, expenses, existing debts, payments, and credit history early on. As a community bank, we are excited to learn more about the people in our community, and we hope to be the right fit to help you out!
Loans subject to credit approval and underwriting. Other terms and conditions may apply.