Preparing your auto loan paperwork in advance can smooth the way to a fast loan decision. Having everything in place to state your case, prove your eligibility and demonstrate you can afford the loan may not change the lending decision but it can certainly help lenders make their decision faster.
So, what paperwork do you need for a Copetown auto loan application?
Proof of ID and address
You will need a form of ID and proof of address to start with. Both to allow the lender to check up on you but also to avoid fraud or money laundering. You will need to provide official letters with your name, date of birth and full address on it to satisfy this requirement.
Your proof of ID will also usually include a copy of your driving licence. You are looking to buy a car after all. Plus, it works as photo ID too!
You don’t have to pay for a Copetown auto loan application but the lender will need your bank details in order to set up the monthly payment. We always recommend enabling automatic payments for auto loans. It saves time and hassle and ensures you never miss a payment.
Proof of income
If you’re an employee, a recent payslip should be enough evidence. Some lenders like 3 months’ worth of payslips so be prepared for that. You can also use bank statements if they show the employer’s name by the deposit.
If you’re a new starter, your job offer letter can also be used as proof of income.
If you’re self employed or a contractor, you’ll need your most recent tax return and any contracts you signed. If you have regular work bound by contract that states the amount, that can also be used as evidence.
If you have an accountant handle your self employed taxes, you can also ask for a signed statement from them outlining your earnings. These aren’t always required but expect to be asked for one if you have only one tax return or don’t have much evidence of your income.
Proof of savings or debt
Some lenders like to see proof of any savings or investments so you might have to reassure them you have the means to repay the loan. Not all lenders require this so have any paperwork prepared just in case.
The same for debt. Most lenders will get debt information from your credit report but if you have paperwork to use as explanation or mitigation, prepare copies ready for the loan application.
For most types of auto loan, this paperwork is sufficient to make the application. If you have special investments, a pension, disability or other allowance, having proof of that on hand will also help.
If you need assistance with your Copetown auto loan application or want access to competitive rates, contact our team.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!