Applying for a car loan can be a stressful and somewhat daunting experience – with lots of information and documents required for car finance applications to be approved. If you’re thinking of applying for a finance deal, it’s important to make sure you have access to any and all relevant documents before submitting your application – in order to maximise your chances of acceptance.
In today’s post, we’ll be bringing you a no-nonsense car loan documents checklist – giving you insight on all the essential information and paperwork you’ll need get sorted before you embark on your first car finance deal.
What documents do I need for car finance?
Personal details
There’s a lot of basic info lenders will need from you in order to determine your suitability and approved your application – so it can be helpful to create your own car loan documents checklist before applying online. Many of the details you’ll need will be personal rather than financial, and these will typically include your:
- Full name
- Date of birth
- Residential status
- Marital status
- Address history from the past three years
Of course, you probably won’t need a record of the above – but having all of this basic info to hand will make the process of getting approved for car finance significantly smoother.
Employment history
In addition to having documents detailing your personal history, you should also be able to present evidence of your employment history – as well as information regarding your salary and job title. You’ll need to provide addresses for of all your employers over the past three years – and perhaps longer, depending on any holes there may be in your history of employment. If you’re self-employed, you’ll be required to provide account information as proof of income.
Bank details
In order to get approved, you’ll also need to give your lender or broker bank details for the account you’ll be using to make repayments on your car. This account must be in your name and you’ll need the branch address and sort code too. All these details will require proof, and remembering various identification is key to fulfilling the car loan criteria. Your driver’s licence, proof of address and evidence of income will all be needed – but if you have an accountant, the easiest thing to do is have the dealership call your accountant to retrieve the necessary documents.
Don’t worry too much, as any missing information will be requested by the finance company. However, a rejection from a lender or broker is, typically, a final decision – and in some cases, contradictory documents can result in your application being rejected. But, with the help of this car loan documents checklist, you can keep everything in order – ensuring that you stay one step ahead.
If you’ve got everything you need and are ready to take the next step, you can apply for car finance online with The Car Loan Warehouse. Want a quick quote to assess your options first? Try our car finance calculator for a look at how much you could borrow and the monthly repayments you can expect to pay.
