Car Loan Sense

Documentation Needed for a Car Loan

March 5th, 2007

When you apply for a car loan, there are some documents that you will probably need to verify your identity, and to verify your income.
You can speed up the whole car loan process if you arrive prepared. Whether you are getting dealer financing or going through another lender, having the proper documentation on hand can streamline the your auto loan approval process.
Here are some of the things you will most likely need when you apply for a car loan:

• Driver’s license
• Proof of income/employment (a couple months worth of pay stubs is a good idea)
• Employers’ names and addresses for past two years
• Other income documents, including dividend, bank, and Social Security statements
• Information about other creditors

If you are self-employed, your proof of income will include the following:
• All tax return documents for the previous two years • A profit and loss statement of year-to-date statement* • Prepared balance sheet*
*It helps to have these signed by an accountant.

Speeding up the car loan process

You will have a faster car loan approval if you are ready with the necessary documents. Because lenders vary in what they require, you should call ahead of time to get a complete list of what is needed for car loan approval.

Posted in Buying a Car With a Loan |

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