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What Do You Need For Car Loans?

24 March 2014 No Comment

canstockphoto15236191If you are interested in getting car loans in Perth through brokers like LendMe, you first need to know what paperwork will be requested for you to even qualify for the loan. A car loan is generally considered to be a major loan. While it is not on the same level with a home mortgage, it could be for $30,000 or more, so the lender really wants to make sure that everything is in order before you are approved for the money. Below are some things that you will need, so you should make sure that you have them before you talk to the car company or the lender.

1. Proof of your identity.
People do try to commit identity theft to get car loans, knowing that they will never have to pay them back if they can take them out in someone else’s name. As such, you will first need to prove your identity to the lender. The best thing to have is a government ID that has your name on it. You can also use other documents, such as a birth certificate, if you do not have a proper ID.

2. Proof of your income.
When you first sign up for the loan, you have to tell the company roughly what you make, what your debt looks like, and things of this nature. You can just give them rough numbers at this point. For example, you could say that you earn $100,000 a year, even though that is not going to be exact. However, you may have to provide documents such as pay stubs to show that you really make what you claim so that they know that you can afford to take out the loan.

3. The title for your trade-in.
If you are going to be trading your car in to use the value against the loan, you also have to provide the title so that you can show them that the vehicle is really yours. If you cannot locate the title or if you have lost it, you need a new one before you can trade the vehicle. Note that this is only for lenders based at the dealership.

4. Proof of cash on hand.
If you are going to put down a down payment, you have to prove that you have the money on hand. A bank statement will get the job done.

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