Car loan documentation checklist Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products are displayed on the site, such as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not include the universe of companies or financial offerings that could be open to you. SHARE: g-stockstudio/Getty Images
3 minutes read. published September 08, 2022.
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Written by Bankrate Written by The article was created by using automated technology. It was then thoroughly edited and fact-checked by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched, and well-written information that breaks down otherwise complex topics into manageable bites. Written by Mark Kantrowitz Reviewed by Nationally recognized scholar financial aid specialist Mark Kantrowitz is an expert on financial aid for students as well as the FAFSA as well as 529 plans, scholarships educational tax benefits, along with student loans. The Bankrate guarantee
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We are compensated in exchange for the placement of sponsored products or services, or when you click on certain links posted on our website. Therefore, this compensation may influence the manner, place and when products are listed, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own proprietary website rules and whether the product is available within your area or at your self-selected credit score range could also affect the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial products or services. Applying for an may be a challenging task However, it doesn’t need to be. By making the necessary documents ahead of time, you can ensure the process is smooth. The most commonly used auto loan documents If the time comes to apply to get an auto loan The lender may ask you to provide documents to prove the information you provide. Here’s a quick breakdown of the primary documents you will need and what they are. Documents that prove income and employment If you’re applying for an auto loan, you will need to prove your income. The lender requires evidence, like an W-2, tax return or pay stubs that show your income along with your employer’s contact details. It is still necessary to prove employment even if you’re self-employed, usually by way of a tax return. If you are not employed, then you might still be able to provide proof of income to get auto financing. You might have a partnership that brings in money, for example, rental property or investment income. Your lender will take a review of your documented income, cash available and credit history to determine your loan rate and amount. Personal details to pull credit history Each when you apply for an loan it is required to supply detailed details about yourself. This information is used to pull credit reports, which are examined to determine if you are a good applicant to receive the loan and also to calculate your loan rates. The information you provide includes name as well as your previous names in the event that they are applicable. The date of your birth. Social Security number. Address. Telephone number. Proof of address When you apply for an auto loan the lender will need proof of your address. This can be accomplished by using official documents that include your address and your name. In most cases, you will need to present two documents that provide the lender the same information. The first is usually an invoice from a utility company, and the other is an account statement from a bank or a recently postmarked piece of mail. Other documents you could provide include a pay stub or a copy of your rental or lease agreement if it has one. Insurance proof The lender wants proof that you have and will likely be looking for it if you’re purchasing the car through a loan. This will ensure that you’ll be able repair or replace the car in the case of an accident. It is important to be sure to include the name of your family, your insurance company address, NAIC number and your policy number. Vehicle information Along with all your personal information, you will want to collect the following information about your vehicle if you have it. Vehicle identification number (VIN). Model, make, year and trim. Add-ons, such as premium sound. Current mileage. Tips for filling out an auto loan application The amount of time you put into completing an application is going to have a major impact on your loan process and the rate you will receive. You should take the following steps when filling in your application. Complete your application in full and accurately. When you fill out your application, be certain to provide all of the required information even if it might not initially appear to be essential. In the list of sources of income that you may rely on. Income verification is a standard component in the car loan application process and, as previously mentioned, includes bank statements, 1099 statements, W-2 forms and pay stubs. Avoid outside funding for your down payment. It is not recommended to make use of the equity in your house or other loans to fund your . A lender will want to verify that you have the cash required to buy the car. Take into consideration add-ons. Decide which you want and then decide if you’d like to roll them into your loan. Along with your down payment and the selling price, there are a number of additional fees that you’ll need to factor into your loan if you select additional fees and don’t have the funds to pay them upfront. Read carefully. It is important to read the car loan agreement is a legal document, and you need to be sure to read it in its entirety prior to signing it. Create copies. It’s a good idea keeping copies of your loan documents in a safe spot. Next steps securing an auto loan is a process that takes time but being thorough means not getting your application rejected because of a mistake. Making sure you have all your data together and financing lined up before buying a car also helps make the loan process much easier. Find out more
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Written by The article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched facts that break down complicated topics into digestible pieces.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally known expert on student financial aid Mark Kantrowitz is an expert on financial aid for students including the FAFSA and scholarships, 529 plans as well as tax benefits for education along with student loans.
Nationally recognized student financial aid expert
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