What to bring when trying to get your next car loan

Whether you have credit issues or not it is always best to be prepared with things you may need when buying your next car, truck or suv. With ever changing lending practices finance companies and banks are requiring different stips (stipulations) everyday. In order to make the process more efficiently for yourself and the dealership you are purchasing from. I have listed these items below with a brief description of why they are so important.

The most important thing to bring with you other then your driver’s license is proof of you income. Debt to income has become an important decision factor for a majority of lenders even if you have perfect credit. What lending institutions will want from you will vary depending on how you receive your income.

· Salaried or W2 employees: Will need to provide last two computerized paycheck stubs. Depending on the time year if you work overtime or receive bonuses you may also need a W2 form or your last pay stub form the month of December for an accurate figure of what you make.
· Self employed/ 1099 Contractor: General rule is to provide last two years tax forms including Schedule C’s. Also it would be a good idea to bring the last three months of personal bank statements. Sometimes however you may need the business bank statements to show proof of your income.
· Non-Salaried income: This would child support, foster care, SSI, pension, and or permanent disability. To prove these types of income you will need the award letter depending on type of income and or the check stubs. Also three months bank statements showing the direct deposits.

A phone bill is an essential part of the car loan process. Whether it is cell phone or land line 90% of the time you will need one of these two. Today a lot of cable providers are bundling home phone service along with your Internet and cable. The bundled bill is acceptable.

Proof of residence lenders want to know you live at the address you provided. The best proof of residence is a utility bill or a bank statement. You can also use a credit card bill as an exceptable proof of residence.

References usually a minimum of four to be safe. Over the years I have lost car deals because my clients did not realize these people do not get called. These references only get called if you do not make your monthly payment and you finance company cannot reach you.


Remember today your credit counts, now more then ever.The key to saving time and lots of frustration is being prepared and knowing what to expect when you make that trip to get your next car loan. Check back for more information on auto financing and your credit. If you are in need of a car loan visit our website at http://www.getmeachevy.com/ and apply today.