What Information Do We Require To Refinance Your Car Loan?
When you apply, we will need you to prove your identity, confirm your employment, verify your income, and show that your vehicle registration and insurance are current before you can refinance your car loan.
This document provides an overview of the information we’ll ask for once you apply and are approved to refinance your car loan through Jerry. When you apply, we will need you to prove your identity, confirm your employment, verify your income, and show that your vehicle registration and insurance are current before you can refinance your car loan. Once you provide this information, we will review it and send you your loan documents for signature and in some cases, notarization. Once we receive signed documents back from you, we’ll work with one of our lenders to refinance your loan and start saving you some money!
Stipulations or “Stips”
All lenders have stipulations (aka “stips”) that you must meet to be able to refinance your car loan. Here are the stipulations you must meet to refinance your car loan through Jerry:
1. Proof Of Identity
Document Needed: Current Driver’s License
Description: We will need a picture of both the front and back of your current driver’s license so that we can verify your identity. We recommend you take these pictures with your phone in good lighting and ensure all 4 corners are visible, so the image is legible. Your driver’s license must be current (it cannot be expired) for your loan application.
2. Proof of Income
Document Needed: Most Recent Paystub
Description:
Not Self Employed: We will need your most recent paystub and last year’s W-2, so that we can verify your income. Most applicants can access these documents via their HR system or payroll provider or receive them in the mail. We accept most document types (e.g. .jpg/.png/.gif, .docx, .pdf) and also accept screenshots of these documents as well as pictures that applicants take of these documents from their mobile phone.
Self-Employed: We will need the last2 years of full tax returns, so we can verify your income. Lenders will typically use the average of the last 2 years of reported income after deductions to determine the debt ratios (e.g. DTI). All files you provide should have your name and pay amount, including the start and end dates of the pay period. If you are taking a picture, please ensure you have good lighting and all 4 corners of the document are in view, so everything is legible.
3. Proof Of Registration
Document Needed: Vehicle Registration
Description: We need to know that you have registered your car and that your registration is current. Please submit your current registration card (most people keep this in their glove box). If your registration has lapsed, you will need to renew your registration and provide proof of payment to your state’s DMV.
4. Proof Of Insurance
Document Needed: Car Insurance Declarations Page
Description: We will need to verify that you have current car insurance. Please provide either a document (PDF) with or image of your current car insurance declaration page. If you are taking a picture, please ensure you have good lighting and all 4 corners of the document are in view, so everything is legible
If you shopped for car insurance with Jerry, you can find this document in your insurance policy section.
Loan documents
Once we verify all your stipulations documents, we’ll send you your loan documents for review. These documents contain the name of your lender, the terms of your loan and important disclosures that you should review. You will be asked to sign their documents, and in some states you will need to have the documents notarized. We will send you the documents via Docusign and provide instructions on what you need to do and where to mail your loan documents back to us.
Questions or issues?
If you have any questions or run into any issues providing your stipulations or signing your loan documents, please call us. We have loan specialists ready to help you Monday through Friday from 8am EST to 6pm EST. Our loan specialists can be reached by phone or text at (470) 336-3813!
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