What are the requirements for a car loan?

I'm applying for a car loan for the first time and want to ensure I've got everything together before I begin the process. So, what are the requirements for a car loan?

Answer
The requirements for a car loan vary by lender. But generally speaking, to apply for a car loan, you will need proof of the following:
  • Identification: ID, visa, license, or passport
  • Income: W-2, pay stubs, or bank statements
  • Residence: Official mail, bank statements, utility bills, lease agreements, or mortgage documents
  • Insurance: Insurance card, declaration page, or provider name and policy number
  • Credit history: Using your Social Security number and other personal information like your name, address, and date of birth, your lender will pull your credit history and credit score
  • Vehicle information: The price of the car you want, plus its VIN, year, make, and model
  • Down payment: The amount you can afford to pay up front
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Lauren Smith
Answered on Nov 18, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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