Car loan documentation checklist Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does not influence the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that might be accessible to you. SHARE: Getty Images/g.-stockstudio

3 min read The publication was published on September 8, 2022.

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Written by Bankrate Written by This article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the beginning of 2021. They are committed to helping readers feel confident to take control of their finances. They provide precise, well-researched, and well-written information that breaks down otherwise complex subjects into bite-sized pieces. Written by Mark Kantrowitz Reviewed by Nationally acknowledged scholar financial aid specialist Mark Kantrowitz is an expert on financial aid for students as well as the FAFSA as well as 529 plans, scholarships educational tax benefits, as well as student loans. The Bankrate promise

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At Bankrate we are committed to helping you make smarter financial decisions. We adhere to the highest standards of editorial integrity ,

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We make sure that everything we publish will ensure that our content is reliable, honest and reliable. The loans reporters and editors are focused on the areas that consumers are concerned about the most — the different types of lending options, the best rates, the most reliable lenders, the best ways to pay off debt and many more — so you can feel confident when investing your money. Integrity of the editing

Bankrate has a strict policy , so you can trust that we put your interests first. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial choices. Our main principles are that we value your trust. Our aim is to offer readers truthful and impartial information. We have established editorial standards to ensure that happens. Our editors and reporters rigorously fact-check editorial content to ensure that what you read is true. We have a strict separation between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment by our advertising partners. Editorial Independence Bankrate’s editorial staff writes in the name of YOU – the reader. Our goal is to provide you the best advice that will assist you in making smart personal finance decisions. We follow strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team receives no directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore when you read an article or a review you can be sure that you’re getting reliable and reliable information. What we do to earn money

You have money questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide consumers with the expert guidance and tools required to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial choices. The content created by our editorial staff is factual, objective, and not influenced from our advertising. We’re transparent about how we are capable of bringing high-quality information, competitive rates and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or when you click on specific links on our website. So, this compensation can impact how, where and in what order products are listed in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own website rules and whether or not a product is offered in your region or within your self-selected credit score range can also impact the manner in which products are featured on this site. We strive to provide an array of offers, Bankrate does not include specific information on each credit or financial product or service. It is a difficult task however it doesn’t have to be. If you prepare the required documentation in advance, you can ensure the process is smooth. Commonly utilized documents for auto loan documents when the time comes to apply to get an auto loan the lender may request documents to prove the information you provide. Here’s a brief breakdown of the primary documents you’ll need and what they are. Proof of income and employment If you’re applying for an auto loan You will have to prove your income. The lender will require proof, such as a W-2, tax return or pay stub showing your earnings and the contact details of your employer. You’ll still have to provide proof of employment even if you’re self-employed, usually with an income tax return. If you’re not employed, you may still be able show evidence of income to qualify for auto financing. You might have a partnership that brings in cash, such as rental property earnings or investment profits. Your lender will review of your documented income, available cash and credit history when determining the loan rate and amount. Personal information to check your credit histories Each time you apply for an loan it is required provide specific information regarding you. The information you provide will be used to obtain credit reports that are then analyzed to determine if you’re a qualified applicant of the loan and also to calculate your loan rates. The information you provide includes name as well as your previous names as well as any relevant information. Date of birth. Social Security numbers. Address. Number of phone. Proof of address When you apply for the car loan The lender will ask for evidence to prove your residence. This can be accomplished by using official paperwork with your name and address. Usually , you must show two documents that give the lender the same details. One is typically an invoice from a utility company, and the other is the bank statement or a recently postmarked piece of mail. Other documents you can provide include a pay stub or an original copy of your rental or lease agreement, if you have one. Insurance proof The lender will require proof of the insurance you are insured and may also require it when you purchase an automobile with the loan. This is to make sure you will be able to repair or replace your car in the event that you are involved in an accident. You should be sure to include the name of your family, your insurance company name, NAIC number and your policy number. Car information In addition to the personal information you have You should collect the following information about your vehicle If you have it. Identification number of your vehicle (VIN). The make, model year, trim and make. Additional features, like high-end sound. Current mileage. Tips for completing your automobile loan application The amount of time you devote to filling out the application can have an enormous impact on your loan process and the rate you get. You should take the following steps when filling out your application. Complete your application in full and accurately. When you fill out your application, make sure to include all of the required information, even if it doesn’t initially seem important. Include all income sources that you may rely on. Income verification is an essential part in the car loan application and, as previously mentioned, could include bank statements, W-2 forms, 1099 statements along with pay stubs. Do not use any outside financing to pay for your down amount. It is recommended not to use the equity in your house or any other loans to finance your . Your lender would like to see that you have the cash required to buy the car. Think about adding ons. Decide which you want and then decide if you’d like to incorporate them into your loan. Alongside your down payment and selling price there are a variety of additional fees that you’ll need to factor in if you opt for an add-on and do not pay for them upfront. Be sure to read the agreement carefully. This car loan agreement is a legal contract, and you need to read it as such before signing it. Make copies. It’s always recommended to save copies of every loan documents in a safe spot. Next steps The process of getting an auto loan is a process that takes time , but being thorough will ensure not getting your application denied for an error. Making sure you have all your data together and financing lined up prior to buying a car assists in making the loan process simpler. Find out more

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The article was written by generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial team. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied details that cut otherwise complex subjects into bite-sized pieces.

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Review by Mark Kantrowtiz by Nationally known student financial aid expert Mark Kantrowitz is an expert on financial aid for students and the FAFSA and scholarships, 529 plans educational tax benefits, along with student loans.

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6 common car loan mistakes that cost you money Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare data at no cost – so you can make financial choices without a doubt. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and where products are displayed on the site, such as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not include the vast array of companies or financial deals that could be open to you. My Ocean Production/Shutterstock

5 minutes read Read March 02, 2023.

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the ways and pitfalls of taking out loans to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances with concise, well-researched and well-researched content that breaks down otherwise complex issues into digestible chunks. The Bankrate guarantee

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict journalistic integrity ,

This post could contain some references to products offered by our partners. Here’s how we earn our money . The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make informed financial decisions.

We’ve maintained this reputation for more than 40 years by demystifying the financial decision-making

process, and providing people with confidence in which actions to take next. Bankrate follows a strict ,

You can rest assured that we’re putting your interests first. All of our content was created with and edited

who ensure everything we publish is objective, accurate and reliable. Our loans journalists and editors focus on the points consumers care about the most — the various types of loans available as well as the most favorable rates, the most reliable lenders, the best ways to repay debt, and more — so you’ll be able to feel secure when making a decision about your investment. Integrity of the editing

Bankrate has a strict policy and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors and reporters create honest and accurate information to help you make the right financial decisions. Our main principles are that we appreciate your trust. Our mission is to provide our readers with accurate and unbiased information, and we have editorial standards in place to ensure that occurs. Our reporters and editors rigorously fact-check editorial content to ensure that the information you’re reading is accurate. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn’t receive direct compensation through our sponsors. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our goal is to give you the most accurate advice to help you make smart personal financial decisions. We follow the strictest guidelines in order to make sure that content isn’t in any way influenced by advertising. Our editorial staff receives no direct compensation from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore when you read an article or a report, you can trust that you’re getting credible and dependable information. How we make money

There are money-related questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four decades. We are constantly striving to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is truthful and accurate. Our award-winning editors, reporters and editors create honest and accurate content to help you make the best financial choices. Our content produced by our editorial staff is factual, objective, and not influenced by our advertisers. We’re transparent about how we are in a position to provide quality content, competitive rates, and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and services, or when you click on certain links posted on our website. So, this compensation can affect the way, location and when the items appear in listing categories, with the exception of those the law prohibits it for our mortgage or home equity, and other products for home loans. Other factors, such as our own proprietary website rules and whether or not a product is available within your area or at your own personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include information about every credit or financial products or services. If you are looking to save money on the next vehicle purchase, you’ll have to do more than just make a great deal with the salesperson on the . A mistake when taking out an auto loan could result in a loss of money and erase any savings that you have negotiated on the price of the purchase. Unfortunately, it’s not all the time, especially for those with credit scores that are high. A report from the Financial Times revealed that 3 percent of prime and super-prime borrowers had auto loans with APRs of more than 10 percent this is nearly double the average rate of those with credit scores. Doing not shop for the most affordable deal on auto financing is one error you need to avoid. Here are some other mistakes to avoid if you’re looking to land the best price possible. 1. It’s an easy and practical way to obtain an auto loan however, it costs extra. Dealers often increase their rates by a couple percentage points to make sure they profit. Before visiting the dealership, shop around and from banks or credit unions. This will provide you with an understanding of the rates that are available for your credit score , and ensure you get the best deal. Remember that banks’ criteria might be more stringent that credit unions’, however, they might offer better rates than you’ll find at the dealership. If it’s your first experience purchasing a vehicle, look for programs that offer financing that are designed for buyers who are first-time buyers. These can be found at credit unions. Once you are preapproved for a loan, you can negotiate with the dealership more efficiently. In the end, if the dealer isn’t willing to beat the rate you already have, you don’t have to count on their financing to get the car you’ve always wanted. Key takeaway

Preapproval can ensure you receive the best rate available and give you leverage to bargain.

2. Negotiating the monthly payment rather than the purchase price While the monthly installment on your vehicle loan is important — and you should have it in advance each month, it shouldn’t form the foundation of your . After you’ve volunteered, the monthly car loan amount will inform the dealer what you are willing to spend. The salesperson might also try to conceal other costs, for example, the higher interest rate and other fees. They might also pitch you on a more lengthy payment timeframe, which can help keep your monthly payments within your budget but cost you more overall. To avoid this, you should negotiate the purchase price of the car and then each time instead of focusing solely on the monthly payment. Important takeaway

Do not buy a car solely only on the monthly payments and the dealer may use that number to place negotiations on hold or even upsell you.

3. Let the dealer determine your creditworthiness. Creditworthiness determines your interest rate, and a borrower with a high qualifies to receive a better car loan rate than one who has a low credit score. Reducing just one percentage point of interest from a $15,000 vehicle loan over a period of 60 months could be a huge savings in the interest paid over the life that the loan. Knowing your credit score in advance of time puts you in control in negotiations. With it, you will be aware of the rate you should be expecting — and also if your dealer is trying overcharge you or lie about what you qualify for. What is a bad APR for the car loan? New auto loans were at 6.07 percent in the fourth quarter of 2022, according to data from . Credit scores of people with good credit qualify for rates as low as 3.84 percent, while those with bad credit had an average new automobile rate at 12.93 percent. Used car rates were higher — 10.26 percent across all credit scores. It was also a record-breaking 20.62 percent. So it’s a “bad” Annual percentage ratio for a vehicle is on the higher range of these numbers. In law, loans can’t have an APR of more than 36 percent. Find a lender who offers the average interest rate on your score or higher. Key takeaway

Explore a variety of lenders to determine the approximate interest rates you can expect to pay and do whatever you can to improve your credit score prior to going to the dealer.

4. Not choosing the right term length can be a challenge. The range of durations is between 24 and 84 months. More lengthy terms can offer attractive low payments. But the , the more the interest you’ll have to pay. Certain lenders will also charge a higher interest rate when you choose to take an extended repayment period since there’s a higher risk that you’ll end up upside-down on the loan. To determine the best choice for you, consider your needs and priorities. If, for instance, you’re a driver who is looking to get behind the wheel of the latest car every few months, then being enslaved by an extended loan may not be the best option for you. On the other hand, if you have a limited budget, a longer term might be the only option you can afford your car. Use a to understand the monthly cost of your car and determine which option is best for you. The most important thing to remember

A short-term loan will cost you less interest in the long run however it will come with high monthly payments. A long-term loan will offer lower monthly payments , but will have higher rates of interest over the course of time.

5. Financing the cost of add-ons Dealerships profit from — particularly products that are sold to Finance and Insurance office. If you want an or the gap insurance products can be purchased at a lower price from outside sources. Wrapping these add-ons into your financing will also increase the cost in the long run as you’ll be charged interest on these items. Be sure to inquire about every charge that you don’t know about to prevent unnecessary charges to the cost of your purchase. If there’s an extra you really want and can’t afford, you should pay it out of pocket. Better yet, check if it’s available outside the dealership for less. Buying from a third party is often cheaper for products that are aftermarket such as extended warranties and . The most important thing to remember is

In the long term adding financing options will increase the amount of interest you pay overall. Be prepared for negotiations and know what add-ons are essential and what you can get cheaper in other places.

6. The process of rolling forward negative equity ” ” on an auto loan is the case when you owe more money on your vehicle than the value of it. Some lenders will allow you to roll over that negative equity into a new loan but it’s not a wise choice for financial reasons. If you do this, you will pay interest on the current and prior car. And if you were upside down on your last trade-in, chances are you will be in the same position again. Instead of rolling negative equity into the new loan, try before making the move to take out the new loan. You can also pay off the negative equity prior to transferring it with the dealer to keep from having to pay excessive interest. The most important thing to remember

Do not roll any negative equity from your vehicle forward. Instead, pay off as much of the old loan as possible or take the amount that is left when you sell your car.

The main thing to success when taking out a car loan is being prepared. This means negotiating the monthly payment, understanding your credit rating, selecting the appropriate time frame, and making sure you are aware of additional expenses and avoiding rolling across negative equity. Be aware of any mistakes that could occur while you negotiate, and with luck, you’ll be able to save money and time. Find out more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers get the confidence to take charge of their finances by providing well-researched, clear details that cut complicated subjects into bite-sized pieces.

Auto loans editor

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