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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 decisions by offering interactive tools and financial calculators as well as publishing relevant and impartial content, by enabling you to conduct your own research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and when products are featured on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home loan products. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be accessible to you. SHARE: Getty Images/g-stockstudio

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 checked 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 passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and comprehensive information that breaks down otherwise complex topics into manageable bites. Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert Mark Kantrowitz is an expert on financial aid for students including the FAFSA and 529 plans, scholarships tax benefits for education along with student loans. The Bankrate promise

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At Bankrate we are committed to helping you make better financial decisions. While we adhere to strict editorial integrity ,

This article may include references to products from our partners. Here’s a brief explanation of how we earn money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a proven track history of helping people make informed financial decisions.

We’ve maintained our reputation for more than 40 years by simplifying the process of financial decision-making

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You can rest assured that we’re putting your interests first. All of our content was authored with and edited ,

who ensure everything we publish is objective, accurate and trustworthy. Our loans journalists and editors concentrate on the points consumers care about the most — different kinds of loans available and the most competitive rates, the top lenders, how to repay debt, and many more — so you can feel confident when investing your money. Integrity of the editing

Bankrate has a strict policy and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors and journalists provide honest and trustworthy content that will assist you in making the right financial decisions. The key principles We respect your confidence. Our mission is to provide our readers with accurate and unbiased information, and we have standards for editorial content in place to ensure that this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you’re reading is accurate. We have a strict separation between our advertisers and our editorial team. Our editorial team does not receive compensation directly from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU as the reader. Our goal is to give you the most accurate advice to assist you in making smart financial decisions for your personal finances. We follow strict guidelines for ensuring that editorial content is not in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and our content is fact-checked to ensure accuracy. So when you read an article or reviewing, you can trust that you’re getting reliable and dependable information. How we earn money

If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your finances for more than four decades. We continually strive to give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict standard of conduct, which means that you can be sure that our content is honest and reliable. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial choices. The content created by our editorial team is objective, factual and uninfluenced from our advertising. We’re honest about how we are in a position to provide quality content, competitive rates, and useful tools for you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or by you clicking on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and in what order products appear in listing categories, except where prohibited by law. We also offer mortgage home equity, mortgage and other home lending products. Other factors, like our own website rules and whether a product is available in your area or at your personal credit score may also influence how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial item or product. Applying for an can be a daunting job however it doesn’t have to be. By preparing necessary documentation ahead of time to ensure that your application goes without a hitch. Commonly used auto loan documents If the time comes to apply to get an auto loan The lender might ask you to provide proof of the information you supply. Here’s a brief breakdown of the key documents you’ll need and what they are. Proof of income and employment When you are trying to get an auto loan you’ll need to prove your income. The lender will require documents, such as an W-2, tax return or pay stub that shows your income along with the contact details of your employer. You’ll still have to prove employment if you’re self-employed, usually in the form of the tax return. If you’re not employed, then you may still be able show proof of income to get auto financing. You might have an association that earns cash, like rental property earnings or investment profits. Your lender will review of your documented income, available cash and credit history to determine the loan amount and rates. Personal information to check your credit history Each when you apply for a loan, you will have provide specific details regarding yourself. The information you provide is used to pull credit reports that are then scrutinized to determine whether you’re a suitable candidate to receive the loan and also to calculate loan rates. The information you provide includes name and your the names of your previous spouse as well as any relevant information. Birth date. Social Security Number. Address. Telephone number. Proof of address When you are applying for an auto loan the lender will ask for proof of your address. This can be accomplished by using official documents that include your address and name. In most cases, you will need to present two documents that give the lender the exact details. The first is usually a utility bill, and the other can be a bank statement or a recent piece of mail. Other forms of documentation you can submit include a pay stub , or a copy of your lease or rental agreement if it has one. Proof of insurance The lender wants proof that you have and will likely also require it when you purchase a car with a loan. This is to make sure you will be able to repair or replace your car in the event in the event of an accident. Your should be sure to include the name of your family, your insurance company’s name, NAIC number and your policy number. Vehicle information Along with all your personal information, you will want to gather the following vehicle-specific information in case you own it. Vehicle identification number (VIN). Vehicle make, model year, trim and make. Add-ons, such as high-end sound. Current mileage. Tips for filling out an auto loan application The time you spend completing your application will have a significant influence on the loan process as well as the rate you receive. You should take the following steps while filling out your application. Complete the application fully and precisely. When you fill out your application, make sure to fill in all the information requested even if it might not initially appear important. In the list of sources of income that you could rely on. Income verification is a common part of the auto loan application and, as previously mentioned, can include bank statements, W-2 forms, 1099 statements as well as pay slips. Do not use any outside financing for your down payment. It is recommended not to use your home equity or any other loans to finance your . Your lender will want to verify that you have the cash needed to purchase the vehicle. Think about adding ons. Choose which one you prefer and then decide if you’d like to roll them into your loan. Along with your down payment and selling price, there are a number of other fees you will need to factor in if you choose add-ons and don’t pay for them in full. Take your time reading. It is important to read the car loan contract is legal contract, and you should read it as such before signing it. Create copies. It is always an excellent idea to keep copies of all loan papers in a secure location. Following steps getting an auto loan is a process that takes time , but being thorough will ensure that you won’t be denied for the smallest of mistakes. Having all of your information together and financing in place prior to purchasing a car helps make the loan process simpler. Find out more

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The article was written by generated using automation technology and thoroughly edited and fact-checked 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 from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down otherwise complicated topics into digestible pieces.

Auto loans editor

Reviewed by Mark K. Kantrowitz Reviewed by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on student financial aid and the FAFSA, 529 plans, scholarships, education tax benefits along with student loans.

Nationally recognized student financial aid expert

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