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Applying for an auto loan can be a daunting task, but it doesn’t have to be. By preparing necessary documentation ahead of time, you can ensure the process goes smoothly.
When you apply for an auto loan, the lender may ask you to provide proof of the information you give. Here’s a quick breakdown of the key documents you will need and what they mean.
When you are applying for an auto loan, you will need to prove your income. The lender needs to see proof, such as a W-2, tax return or pay stub that shows your income along with your employer’s contact information. You will still need to show proof of employment if you are self-employed — usually in the form of a tax return.
If you are not employed, then you still might be able to show proof of income for auto financing. You might have a partnership that brings in cash, such as rental property income or investment earnings. Your lender will take a look at your total documented income, available cash and credit history when determining your loan amount and rates.
Each time you apply for a loan, you will have to supply detailed information about yourself. This information is used to pull credit reports that are then analyzed to determine if you are a good candidate for the loan and to calculate your loan rates. These details include your:
When you are applying for a car loan, the lender will ask for proof of your address. This can be done using official paperwork with your name and address.
Usually you need to show two papers that give the lender the same information. One is typically a utility bill, and the other can be a bank statement or a recently postmarked piece of mail. Other documents you could provide include a pay stub or a copy of your lease or rental agreement if you have one.
The lender wants proof that you have liability insurance and will likely also require collision and comprehensive insurance since you’re buying a car with a loan. This is to make sure you will be able to repair or replace the car in the event of an accident. Your proof of insurance should include your name, the insurance company name, NAIC number and your policy number.
Along with all of your personal information, you will want to gather the following vehicle-specific information if you have it.
The time you spend completing your auto loan application will have a significant impact on your loan process and the rate you get. You should take the following steps when filling out your application.
The process of securing an auto loan is one that takes time but being thorough means not getting your application denied for a mistake. Having all of your information together and financing lined up before buying a car also makes the loan process simpler.
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