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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Applying for an can be a daunting task, but it doesn’t have to be. By preparing necessary documentation ahead of time, you can ensure the process goes smoothly. Commonly used auto loan documents
When you apply for an auto loan, the lender may ask you to provide proof of the information you give. Here’s a quick breakdown of the key documents you will need and what they mean. Proof of income and employment
When you are applying for an auto loan, you will need to prove your income. The lender needs to see proof, such as a W-2, tax return or pay stub that shows your income along with your employer’s contact information. You will still need to show proof of employment if you are self-employed — usually in the form of a tax return. If you are not employed, then you still might be able to show proof of income for auto financing. You might have a partnership that brings in cash, such as rental property income or investment earnings. Your lender will take a look at your total documented income, available cash and credit history when determining your loan amount and rates. Personal details to pull credit history
Each time you apply for a loan, you will have to supply detailed information about yourself. This information is used to pull credit reports that are then analyzed to determine if you are a good candidate for the loan and to calculate your loan rates. These details include your: Name and previous names, if applicable. Date of birth. Social Security number. Address. Phone number. Proof of address
When you are applying for a car loan, the lender will ask for proof of your address. This can be done using official paperwork with your name and address. Usually you need to show two papers that give the lender the same information. One is typically a utility bill, and the other can be a bank statement or a recently postmarked piece of mail. Other documents you could provide include a pay stub or a copy of your lease or rental agreement if you have one. Proof of insurance
The lender wants proof that you have and will likely also require since you’re buying a car with a loan. This is to make sure you will be able to repair or replace the car in the event of an accident. Your should include your name, the insurance company name, NAIC number and your policy number. Vehicle information
Along with all of your personal information, you will want to gather the following vehicle-specific information if you have it. Vehicle identification number (VIN). Vehicle make, model, year and trim. Add-ons, such as premium sound. Current mileage. Tips for completing an auto loan application
The time you spend completing your application will have a significant impact on your loan process and the rate you get. You should take the following steps when filling out your application. Fill out the application completely and accurately. When completing your application, be sure to include all of the requested information, even if it doesn’t initially seem important. List all sources of income that you may rely on. Income verification is a common part of the auto loan application process and, as previously mentioned, can include bank statements, W-2 forms, 1099 statements and pay stubs. Avoid outside funding for your down payment. It is recommended not to use your home equity or other loans to help fund your . The lender will want to see that you have the cash needed to purchase the vehicle. Consider add-ons. Decide which you want and if you want to roll them into your loan. In addition to your down payment and the sale price, there are a number of additional fees that you will need to factor in if you choose add-ons and don’t pay for them outright. Read carefully. The auto loan agreement is a legal document, and you need to read it as such before signing it. Make copies. It is always a good idea to keep copies of all loan documents in a secure place. Next steps
The process of securing an auto loan is one that takes time but being thorough means not getting your application denied for a mistake. Having all of your information together and financing lined up before buying a car also makes the loan process simpler. Learn more SHARE: This article was generated using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff. Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. Related Articles