For the vehicles that we will be offering in-house financing you will need to meet the basic car loan requirements.
- Proof of income. In order to qualify for a car loan, you'll need to prove that you have a steady source of income. Pay stubs or bank statements are generally sufficient proof. The additional items needed are the dealer's current invoice for the vehicle, proof of registration ownership, proof of insurance coverage (your car insurance policy)
- Proof of insurance. You'll need to have proof of insurance for your new vehicle purchase before you'll be able to take out a loan for it. You can make a call from the dealership to purchase insurance when you're ready to buy your car, but it may be a better idea to have insurance ready ahead of time. If you have an insurance provider ready prior to purchasing your car, you'll have plenty of time to search for the best offers.
- Proof of identity. This means that you will need a form of photo ID with your signature on it. Additionally, you will need (originals) of a current utility bill in your name and registered to the address on the photo ID, and current bank statements for the past two months, also in your name and registered at the same address. Other forms of ID that will be acceptable are stock certificates, titles to other vehicles or to a home, government issued cards such as a Medicare card and your passport.
- Proof of residence. To qualify, you'll usually need to be able to show proof of residence. Potential lenders need to know where you can be found should you cease paying your bills. Utility bills work well for proving your current home address.
- Trade-in documentation (if applicable). If you are trading in a vehicle in the process of applying for the new car loan, having the right documents for the car you are trading in is vital. You should have the title and registration papers for your vehicle, and any other vital documents that will prove ownership and help the lender determine the worth of the vehicle, as this will impact how much financing you receive. By bringing these documents in when you apply for your loan, you can ensure the availability of quick car loans which will allow you to get the funding that you seek quickly, easily and without any undue hassle or stress.