What information do I need for a car loan?
What do I need to prepare to apply for a car loan? This is my first time. I want to make sure I have the correct documents to make this process go smoothly.
Applying for a loan for the first time can be confusing! Here’s the information you will likely need to show your lender to apply for a car loan.
Proof of identity: A driver’s license, passport, or other government-issued ID that includes your full legal name and a photo of you.
Proof of income: Bring copies of your pay stubs from the past month or more. You may also bring bank statements (up to six months of statements).
Social Security number: Lenders will need to look at your credit and banking history to determine if you have late payments or unpaid bills. You will need to provide your lender with your Social Security number in order for them to pull these financial reports. In addition, they’ll need your name, address, and date of birth to check your credit.
Proof of residence: If your driver’s license reflects your current address or the address on your credit application matches the credit report, this may be enough for lenders. However, if you have moved within the last month, you will need to bring additional documents:
- Utility bill
- Mortgage statement
- Lease agreement
- Credit card or bank statement
- Property tax bill
- Homeowners or renters insurance policy
Vehicle information: If you are working directly with a lender or buying from a private seller, you will need to complete a Bill of Sale.
Current vehicle registration (for trade-in): Bring your title and registration. You may also need an odometer statement.
Proof of insurance: If you already have car insurance, your newly purchased vehicle may be covered by your existing policy for a short period of time called a grace period. Make sure to check with your insurance provider.
Down payment: Acceptable methods of payment typically include cash, personal check, and pre-approved loan. Check with your dealer to find out if they accept credit or debit cards and if there’s a cap on how much can be charged. Also, be sure to ask your card issuer about the limit you may charge or debit in a single transaction.
For more information and to see the list of requirements from your personal lender, check out their website. You may also be able to apply and upload necessary documents online to expedite the application process.
And in the future, if you’re looking to refinance your vehicle, Jerry can help. Jerry compares offers from multiple lenders to make sure you never overpay for your loan.
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