So you did all the research, reviewed several different auto lenders and found an auto loan provider that you want to work with. You have an appointment set up to go in, fill out the application and see if you can be approved. At this step, it is important to know the different kinds of papers and documentation that are necessary to complete a loan application. Having these files on-hand during the first visit with a loan officer can help speed up the overall process and make getting a car easier.
Driver's license or photo identification
One of the most important parts of the process is verifying personal identification and other vital information. As a car loan seeker, you should have a valid driver's license issued by the state in which you live with the most recent name and address data for your residence. The license will probably be photocopied and stored, as well as submitted with the rest of a loan application. Providing a license with old information can slow down the process, with everything from loans to insurance and titling being hindered by old documentation. Go to a local Department of Motor Vehicles to get this card updated before applying for a loan.
Proof of income
In addition to examining your credit history, lenders will also likely want to see information pertaining to your income. Recent pay stubs and income tax forms can be used to show not only how much you make, but also length of employment. If you do not have paper pay stubs because your employer has electronic payroll, be sure to request this documentation from the correct people in your association in order to have these prepared in time for you to bring them to a loan office.
Insurance and vehicle information
When applying for an auto loan, you should know what kind of car you want to buy and have a plan for acquiring the vehicle. Deciding on a kind of vehicle before going into the loan office can help expedite the process as well. Researching the car will show a buyer about how much he or she should expect to spend, which in turn will provide a figure for how big a loan needs to be in order to obtain a specific type of automobile.
There is a lot of paperwork necessary in order to secure a car loan, but lenders are looking out for your best interests as well as their own. Doing everything by the books will protect everyone from future problems, so bringing as much information as possible when applying for a loan can expedite the process.