Car loan documentation checklist Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation can affect the way and where products appear on this site, including the order in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be available to you. SHARE: Getty Images/g-stockstudio
3 min read The publication was published on September 8, 2022.
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Written by Bankrate Written by This article was generated with the help of automation technology, and then edited and fact-checked by an editor from our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to control their finances by providing concise, well-researched and comprehensive information that breaks down otherwise complicated topics into digestible pieces. Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized Student Financial Aid expert Mark Kantrowitz is an expert on financial aid for students as well as the FAFSA and 529 plans, scholarships educational tax benefits, and student loans. The Bankrate promise
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Established in 1976, Bankrate has a long history of helping people make informed financial decisions.
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who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. The loans reporters and editors concentrate on the things that consumers care about the most — the different kinds of loans available as well as the best rates, the most reliable lenders, how to pay off debt and many more — so you’ll be able to feel secure when making a decision about your investment. Integrity in editing
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This compensation could impact how, where and in what order items are listed and categories, unless it is prohibited by law for our mortgage, home equity and other products for home loans. Other elements, such as our own proprietary website rules and whether the product is available within your area or at your self-selected credit score range may also influence the manner in which products are featured on this website. We strive to provide an array of offers, Bankrate does not include specific information on every credit or financial item or product. It is a difficult process, but it doesn’t have to be. By preparing necessary documentation in advance it will ensure that your application goes without a hitch. Commonly utilized auto loan documents when applying to get an auto loan, the lender may require evidence of the information you supply. Here’s a brief breakdown of the most important documents you’ll require and what they mean. Documents that prove income and employment If you’re applying for an auto loan, you will need to prove your income. The lender needs to see documents, such as W-2, tax returns or pay stub that shows your earnings and your employer’s contact details. You’ll still have to provide proof of employment even if you’re self-employed, typically with an income tax return. If you are not employed, then you still might be able show proof of income for auto financing. There may be an association that earns cash, like rental property earnings or investment earnings. Your lender will take a look at your total documented earnings, cash reserves and credit history to determine your loan rate and amount. Personal information is used to determine your credit history Every time you apply for a loan and you are required to supply detailed information regarding you. The information you provide will be used to obtain credit reports, which are examined to determine if you’re a qualified applicant for the loan and also to calculate loan rates. These details include your: Name and the names of your previous spouse in the event that they are applicable. Date of birth. Social Security number. Address. Telephone number. Address proof when you apply for the car loan the lender will ask for evidence that you have a physical address. This can be done using official paperwork with your address and your name. Usually you need to show two documents that give the lender the same information. It is most likely to be an invoice from a utility company, and the other can be the bank statement or a recent piece of mail. Other documents you could provide include a pay stub or an original copy of your rental or lease agreement, if you have one. Evidence of insurance lender requires proof of insurance that you have and will likely be looking for it if you’re purchasing the car through the loan. This will ensure that you’ll be able to repair or replace your car in the event that you are involved in an accident. You should be sure to include the name of your family, insurance company names, NAIC number and your policy number. Information about your vehicle Alongside all your personal information, you will want to gather the following vehicle-specific information in case you own it. The number of the vehicle identification (VIN). The make, model year, trim and make. Add-ons, such as premium audio. Current mileage. Tips to fill out your automobile loan application The time you spend completing the application can have an enormous influence on the loan procedure and the amount you will receive. It is recommended to follow the following steps when filling in your application. Fill out the application completely and precisely. When completing your application, make sure to fill in all the requested information even if it may not initially appear important. Include all income sources that you may rely on. Income verification is an essential part of the auto loan application and, as previously mentioned, could include bank statements such as W-2 forms, 1099 statements as well as pay slips. Don’t use outside funds to make your down amount. It is recommended not to make use of any equity from your property or any other loans to finance your . The lender would like to see that you have the cash needed to purchase the vehicle. Think about adding ons. Choose which one you prefer and then decide if you’d like to roll them into your loan. Along with your down payment and cost of selling, there are a number of additional fees that you’ll need to factor in if you choose additional fees and don’t have the funds to pay them outright. Read carefully. The auto loan contract is legal document, and you need to take it seriously before signing it. Print copies. It is always an excellent idea to save copies of every loan documents in a safe spot. Next steps securing an auto loan is one that takes time but being thorough means that you won’t be rejected because of a mistake. Making sure you have all your data together and financing in place before buying a car also assists in making the loan process simpler. Find out more
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The article was written by produced using automation technology, and was thoroughly checked for accuracy and quality by an editor from our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-researched and well-constructed information that breaks down complex subjects into bite-sized pieces.
Auto loans editor
Reviewed by Mark K. Kantrowitz Reviewed by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on financial aid for students, the FAFSA as well as scholarships, 529 plans, education tax benefits along with student loans.
Nationally recognized student financial aid expert
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