If you're purchasing a new car, it's important you're ready when it comes time to finance. Here's a look at the documents you need to prepare before you go to finance your car.

Proof of Identity & Residency

Before you can be approved for a loan, you have to prove that you are who you say you are - and that you have a residence. You must provide identification by law, but the type of identification you need depends on your lender. Typically, you'll be fine with any government-issued ID, including a driver's license or passport.

You also must show proof of your residence. Some lenders accept an up-to-date driver's license as proof, but you might also want to bring along a piece of personalized mail that you received in the last month, such as a utility bill, credit card statement, or bank statement. The mail must have your name on it, not "current residence of" followed by your address. 

Credit History

Lenders typically delve into your credit history by examining your credit score, FICO score, and FICO auto score to ensure you'll be a good loan recipient. To get a credit report, you need to provide your name, address, date of birth, and Social Security number.

Proof of Income

In order to show that you are able to make monthly payments, lenders will ask you to provide your pay stubs from the last month. This shows the total of what you've been paid so far this year. You can also give them bank statements to show the same thing.

Proof of Car Insurance

Car insurance is a legal requirement when you own a vehicle. You need to provide proof of insurance once you've signed a bill of sale for your new car. The dealer won't allow you to drive off the lot if you haven't shown your insurance plan.

Your Trade-In Vehicle's Registration

It's important to bring your trade-in vehicle's title and registration if you're planning on trading one in. This makes the transition of ownership easier.

Method of Payment

Make sure you're ready to make a down payment on your new vehicle with your payment method of choice. This can include:

  •  Cash
  •  Personal check
  • Cashier's check
  • Credit card
  • Debit card
  • Preapproved loan
  • Personal loan

Having all of these documents handy will streamline the financing process and make everything easier for you and the dealership. If you have any further questions about financing or have a specific car in mind, visit us as Transwest CDJR.

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