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 tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare information at no cost 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 products that appear on this site come from companies who pay us. This compensation can affect the way and where products are displayed on this site, including the sequence in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be accessible to you. SHARE: g-stockstudio/Getty Images
3 min read published September 08, 2022.
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Written by Bankrate Written by Bankrate. This article was written using automation technology and thoroughly verified and edited by an editor on our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing concise, well-researched and comprehensive facts that break down complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally well-known student financial aid expert Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as 529 plans, scholarships, education tax benefits as well as student loans. The Bankrate promise
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Commonly utilized auto loan documents If applying for an auto loan, the lender might ask you to provide evidence of the information you provide. Here's a brief breakdown of the primary documents you will need and what they are. Proof of income and employment If you're trying to get an auto loan You will have to prove your earnings. The lender needs to see documents, such as W-2, tax returns or pay stubs that show your earnings and your employer's contact details. You'll still have to show proof of employment if you're self-employed, usually in the form of an income tax return. If you're not employed, you still might be able to show the proof of income required to qualify for auto financing. There may be a partnership that generates money, for example, rental property income or investment earnings. Your lender will take a review of your documented income, available cash and credit score when determining the loan amount and rates. Personal details to pull credit history Every when you apply for an loan it is required provide specific information about yourself. The information you provide will be used to obtain credit reports that are then analyzed to determine if you're a qualified candidate of the loan and also to calculate loan rates. These details include your: Name and previous names, if applicable. The date of your birth. Social Security Number. Address. Number of phone. Address proof when you apply for an auto loan The lender will require evidence to prove your residence. This can be accomplished by using official documents that include your address and name. Usually , you must show two documents that give 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 recent piece of mail. Other forms of documentation you can submit could include a pay slip or a copy of your lease or rental agreement if it has one. Proof of insurance The lender will require proof of the insurance you have and will likely also require since you're buying the car through a loan. This is to ensure you will be able to repair or replace your car in the event that you are involved in an accident. It is important to include your name, the insurance company address, NAIC number and your policy number. Vehicle information Along with all your personal information, you will want to gather the following vehicle-specific information if you have it. Identification number of your vehicle (VIN). Vehicle make, model year and trim. Add-ons, such as premium sound. Current mileage. Tips to fill out your automobile loan application The time you put into completing your application will have a major impact 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 accurately. When you fill out your application, make sure to include all of the required information even if it might not initially appear to be essential. Include all income sources which you can count on. Income verification is a common component that is required during the loan application and it can include bank statements 1099 statements, W-2 forms as well as pay slips. Avoid outside funding to make your down amount. It is advised not to make use of your home equity or any other loans to fund your . A lender will want to know that you have the funds required to buy the car. Take into consideration add-ons. Select the one you like and if you want to include them in your loan. Along with your down payment as well as the cost of selling there are a variety of other fees you will need to factor in if you opt for an add-on and do not pay for them in full. Read carefully. It is important to read the automobile loan agreement is a legal document and you need to be sure to read it in its entirety prior to signing it. Print copies. It's always recommended to keep copies of all loan documents in a safe location. Next steps getting an auto loan is one that takes time , but being thorough will ensure not getting your application rejected due to a mistake. Having all of your information together and financing lined up before buying a car also assists in making the loan process much easier. Learn 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 committed to helping readers gain confidence to control their finances with concise, well-studied facts that break down otherwise complex topics into manageable bites.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert Mark Kantrowitz is an expert on financial aid for students, the FAFSA, scholarships, 529 plans as well as tax benefits for education and student loans.
Nationally recognized student financial aid expert
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