What Is an Auto Loan Underwriter and How to Become One
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What Does an Auto Loan Underwriter Do?
An auto loan underwriter analyzes a vehicle loan application and decides to approve or deny financing. In this career, your duties include collecting financial data from the person seeking a vehicle loan, either face-to-face or over the phone. Your responsibilities can also include negotiating with the customer about down payments, interest rates, and other issues. Occasionally, you help a customer find a loan that fits their needs and financial situation. You document your research and risk assessment findings and ensure that the lending process meets legal requirements.
How to Become an Auto Loan Underwriter
The qualifications that you need to become an auto loan underwriter include a relevant degree and analytical skills. Some employers accept applicants with a high school diploma who have previous lending or banking experience. Other employers require you to have an associate’s or bachelor’s degree in finance or business. Regardless of your educational qualifications, you need mathematical and statistical skills to perform risk assessments on each vehicle loan application and determine whether to approve or deny financing.
