Posted March 07, 2014 by

An Overview Of A Lucrative Career In The Arena Of Auto Loans

Loan officer at bank having a phone interview with a businessman about his needs

Loan officer at bank having a phone interview with a businessman about his needs. Photo courtesy of Shutterstock.

A plethora of job opportunities waits in the arena of auto finance. Auto manufacturers or the dealers employ staff to deal with finances related to the purchase of new and old cars. Few staff members are employed for effective functioning of the internal mechanism of the business, and finance managers are hired to approve the loan, on the purchase of both new and old cars. If you want to pursue a career in the auto loan section, then the job titles that you can apply for are those of loan collectors, loan processor and finance manager.

Required skill set

Irrespective of their position in the organization ladder, these professionals need to have exemplary communication skills as they have to deal with customers from varied background. They need to have an adequate knowledge of finances, documentation related to the process, and should be adept in the calculation as it is integral to the process of approval of loans. Candidates should have the capability to use different software used for accounting and other calculations related to loan. Professionals also need to have a fair knowledge of the different parts and also about the recent development in the world of automobile.

Go through the websites

Job hunting seems to be a daunting task. A milieu of opportunities is available, and application for the same within the timeline with required documentation often seems to be an uphill task for the applicants. An efficient way to apply for these jobs is through the websites of reputed job portals. You can streamline your job search based on the geographical area and this will help you to explore career prospect in that particular area. If you visit the websites that displays the job openings only in the auto industry, you can get an insight of the prevailing trend of the industry.

Get detailed information

You can also go through the career page of the reputed companies and dealerships that deal with automobiles. There are even companies that have a provision of sending email alerts to the prospective candidates, whenever a new job application is advertised in the site. Job responsibilities of different job titles are mentioned on the website, working hours, nature of employment along with the eligibility and the educational qualification that is required for the post. Employers often mention the remuneration on the websites, though few refrain from displaying the same and there are provisions of negotiations once the candidates get selected.

Responsibilities and requirements

Professionals involved in approving loans have to undertake a three-fold function. Firstly, they have to explore new scope or opportunity of business. Secondly, they have to take care of the administrative aspect of the job that includes documentation and coordination with other agencies. Lastly, they have to deal with the factors like rate of interest, loan term and assess the risks that are involved in the loan. Candidates need to have a high school diploma to pursue these professions. Educational qualifications for different job titles might vary depending upon the employer, but a majority of them prefer candidates who have experience in the field of financing either through training or educational courses.

Different certificate courses

Adequate knowledge of the government rules and Federal laws pertaining to the loan and finances is a must for these positions. After employment, candidates have to go through on-the job trainings and also other training programs that are conducted by the organization. To get an edge over other applicants, you can also pursue courses in customer relationship, loan processing, credit counseling and different software used in the process. Different technical colleges and community colleges also have certificate courses on loan processing and likewise. You can also opt for online training programs that deal with auto financing.

Author Bio: James Smith writes for different education portal. Here has written an overview of the career options that center around loans. He has suggested candidates to visit site of the job portals and of different dealers and companies.

Print Friendly, PDF & Email

Posted in Advice for Candidates, Career Advice, Job Search | Tagged Tagged , , , , , , , , , , , , , , , , , , , , , , ,