When financing a car, you must provide several documents to the Lender to verify your identity, finance status, and loan repayment ability. Here are the standard documents you may need:
Personal Identification:
Driver’s License:
A valid driver’s license to verify your identity and driving eligibility.
Social Security Number (SSN):
Required for credit checks.
Proof of Income:
Pay Stubs:
Recent pay stubs (usually from the past 2-3 months) to show your income.
Tax Returns:
Copies of your recent tax returns, especially if you are self-employed.
Bank Statements:
Recent bank statements to verify your income and financial stability.
Employer Contact Information:
Sometimes lenders may contact your employer to verify your employment status.
Proof of Residence:
Utility Bills:
Recent utility bills (e.g., electricity, water, gas) with your name and address.
Lease Agreement or Mortgage Statement:
Documents to prove your current residence.
Credit Information:
Credit Report:
Lenders will often pull your credit report, but having a copy on hand can be helpful.
Debt Information:
Information about any existing debts, including other loans or credit card balances.
Vehicle Information:
Purchase Agreement:
A signed purchase agreement or bill of sale for the vehicle you intend to buy.
Vehicle Information Number (VIN):
The car’s VIN you want to finance.
Title and Registration:
If you are trading in a vehicle, you will need the title and registration for the trade-in car.
Insurance Information:
Proof of Insurance:
Documentation showing that you have car insurance or are obtaining it for the new vehicle.
Down Payment Information:
Proof of Down Payment:
Documentation of the source of your down payment, such as a bank statement or check.
Co-Signer Information (if applicable):
Co-Signer’s Identification:
Driver’s license and SSN of the co-signer.
Co-signer’s Proof of Income:
Pay stubs, tax returns, and bank statements of the co-signer.
Additional Documents:
References:
Some lenders may ask for personal or professional references.
Tips:
Prepare Multiple Copies:
Have multiple copies of these documents ready, as you might need to provide them to different parties (e.g., lender, dealership).
Check with the Lender:
Different lenders may have varying requirements, so it’s a good idea to check with your specific Lender for any additional documentation they may need.
Preparing these documents can streamline the car financing process and improve your chances of getting loan approval.