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Checklist: Auto loan documentation
When you apply for an auto loan, providing appropriate documents can help you get approved for your loan quickly. Generally, lenders are looking for proof that you are a good credit risk and will be able to repay the loan. This information, along with your credit report and score, will factor into the interest rate you are charged.
Some lenders may ask for particular documents that others don't require, so it's worth phoning in advance of your appointment to determine the information you'll need to bring along. But to get you started, here's a list of documents most lenders want to see:
Proof of income- Take 2 pay stubs from the last month, with a total of what you've been paid year-to-date. For self-employed applicants, you will need the last two (2) months bank statements.
If you have income from rentals, legal settlements, alimony or child support, social security or other sources, take proof with you. Your lender may not require these documents, but if you bring proofs of other income you receive, it may grant you a larger loan than it would on the basis of your employment income alone.
Proof of residence- Your mortgage statement can be used to verify your home address, as can any current utility bill (i.e. gas, electric, etc.).
Proof of insurance- You must provide proof that the insurance company knows about your newly purchased car and that the car is adequately insured.