Auto Loan Documentation
2 min Read
If getting your auto loan approved quickly is something you’re concerned about then you’ll be happy to know that the process can be sped up by knowing what documents to bring. There are a number of documents that dealerships or lending companies require in order to approve you for financing, which is why being armed with what you need can help to ensure you don’t have to fax or bring back important information later.
Required Documentation
Here’s a list of some must-have items:
- Your proof of income. One item that makes getting your loan approved quickly a lot easier is your proof of income (check stubs, tax returns, social security documentation, etc.). The lending company needs to know that you will be able to make your payments regularly, so this documentation is required. To make life easier, add it to your “what documents to bring” checklist ASAP.
- Any banking or credit history. If you have any other financial obligations, the lending company will want to know about them. They will also want to know how you’ve managed debit in the past, which is why they will want to know your credit history, including what’s on your credit report and score. And they will want to see bank statements to determine how much money you have in reserve. By taking this documentation with you, you can possibly obtain a lower rate in showing proof that you manage credit responsibly.
- Your vehicle information. If you are purchasing a new car, getting your auto loan approved quickly is possible by making sure to bring with you a dealer sheet or buyer’s order. Either one should include the VIN, year, make and model, and purchase price of the vehicle. If you’re purchasing a used car, you can obtain those details from the seller along with mileage and lien details, as well as the title.
- Your proof of residence. Bringing in a mortgage statement or utility bills can help verify your proof of residence, another must on the “what documents to bring” list.
- Your proof of insurance. In order to acquire financing, you must have proof of current insurance, so don’t forget this documentation when gather your information.
If you compile a list of what documents to bring when preparing to visit a lender, you will be able to reap the benefits of getting your auto loan approved quickly. Try it for yourself!
