What you need for Financing:
- A Copy of Valid State-Issued Driver’s License- Mexican Passport Accepted!
The most common and easiest documentation to find under this category is a driver’s license. If you are applying for a car loan, hopefully you have already taken the necessary steps to legally drive a car in your state. A valid driver’s license will be necessary in order to verify your identity, as well as drive the car off of the lot.
- Proof of Monthly Income- 1099/ W2
This is where the digging begins. Your employer should be providing you with pay stubs at the conclusion of each payroll cycle. Whether you are paid on the 1st and 15th of each month, every other Friday, or once a month, your pay stub is a record of your income. Regardless of your credit score, many loan companies will ask for this to ensure you can handle the payments if granted the loan.
If you receive public assistance or social security, you will need to provide receipts of such income. Additionally, if you are a contract (1099) worker, or will rely on other sources of income to repay the loan, for example a pension, alimony, or rental income, that paperwork should also be included at this stage.
- Proof of Residence
Proof of Residence doesn’t mean you have to invite a loan agent to dinner and show them around. But you will need to produce copies of your rental agreement, or monthly bills showing your current residence, such as your monthly mortgage statement, electrical bills, water bills, etc. Have several months of these ready on loan application day.
If you are a paperless bill payer, log into your utilities account online to access your statements from the last three months. This can be one of the biggest hassles in the process, but it shows the car loan company that you live where you say you live.
- Personal References
Not all potential lenders will require this information, but if you have friends, family, colleagues, or co-workers that can vouch for you, have their contact information readily available in case you are asked by your lender to provide it.