What Do I Need to Apply For an Auto Loan?
Trying to apply for an auto loan for your next vehicle purchase? Having all of your documentation in order before you begin can speed up the process of getting approved. If you're unsure of all of the items you will need to go through this process, read on to learn about a few of the things you’ll need to apply for an auto loan.
- Proof of income. One of the biggest things that lenders look for in an auto loan application is that you have the means to pay back what you borrow. Most lenders accept pay stubs or W-2 forms as proof of your income; however, a full tax return can be necessary in cases of self-employment.
- Proof of residence. A lender needs to verify your address before they can offer you a loan. You can verify your residence by providing your lender with a utility bill or any other type of official correspondence that lists your address.
- Credit and financial history. While you won’t need to bring your credit report into your lender’s office when you apply for an auto loan, being aware of the items on your credit report can make finding a lender easier. If you know that your history is less than stellar, you may want to search for a lender that specializes in offering bad credit car loans in Philadelphia, PA — like PA Auto Credit.
- Proof of insurance. State laws require that drivers carry car insurance to legally remain on the road. If you plan to drive off the lot in a vehicle the same day you apply for a loan, you’ll need to already have car insurance before you visit your lender. If you already have coverage, your insurance company can provide you with documentation that proves that you’re up-to-date.
If you have poor credit, finding a car loan can be more challenging — but it doesn’t have to be! A bad credit auto loan in Philadelphia, PA from PA Auto Credit can make financing your next vehicle simpler. Call today at 800-371-1769 to learn more or get started!