What Paperwork Do I Need to Secure a Car Loan?

Paperwork Needed to Secure a Car Loan in PA

Whether you're interested in leasing or financing a vehicle, you'll need to have the correct paperwork in hand. Most of this paperwork consists of items to show lenders that you are a good credit risk and that you are prepared to handle the payment provided. Here are eight pieces of paperwork you'll want to bring along at your next vehicle purchase.

Apply for Financing

Proof of Identity

We need a federal ID to confirm your identification. This could be a driver's license, passport, U.S. Visa, or other photograph government-issued I.D.

Proof of Income

We need to know that you have the ability to repay the lease or loan. Bring copies of your last month's pay stubs, a W-2, or six months of bank statements to show proof of income.

Credit and Banking History

We'll need to know your credit history. To get a credit report, we'll need your Social Security Number, name, address, and date of birth.

Proof of Residence

We'll need information about your residence and proof that you live there. The easiest way to provide proof is with a piece of mail addressed to you at your current residence (such as a utility bill, mortgage statement, property tax bill, etc.)

Vehicle Information

If you aren't buying your vehicle from a dealership or you're working with your own lender, you'll need the purchasing price, VIN, make, model, and year of the vehicle you're buying.

Current Vehicle Registration

If you're trading in your current car, you'll need the title, registration, and any paperwork showing your current payment (if you have one).

Proof of Insurance

Most states won't let you drive your new vehicle off the lot until you have car insurance added. Make sure to have your insurance information handy so that you can contact them at the dealership.

Method of Down Payment

If you're providing a down payment, you'll need a way to pay it, whether it be cash, check, a pre-approved loan, or a card.

Contact Fred Beans Auto Group with Any Questions

If you still have questions about what to bring to your vehicle purchase, feel free to contact one of our dealerships around Philadelphia, the Delaware Valley, Southeastern, PA, Central, PA, or the Philly Metro.