BAD CREDIT CAR LOANS DOCUMENTATION
I’M ON MY WAY TO THE DEALERSHIP……..
WHAT WOULD THE DEALERSHIP NEED FROM ME FOR A BAD CREDIT CAR LOAN?
Gathering your documents for bad credit car loans can be sometimes frustrating. You may not
realize the significance for the information you are providing. This is understandable; this is a checklist
of general information required by most banks when applying for your car loan.
Personal History
o Your lender will require you to provide the information that they need. This includes
your full name, social security number, and date of birth. Although you are not
personally presenting your credit history, the dealership and lender both require this
information to obtain a full credit report from all three bureaus.
Proof of Income
o The lender will require proof of income. Reason being, they want verification that you
have the ability to pay back the loan they are supplying.
o From the supplied pay stubs, the lender can determine various information pertaining
your employment. This includes your year to date, the amount of taxes that are taken
out of each pay, and any garnishments from your paycheck.
o Those who are self employed will be required to provide at least three months bank
statements, as well as two year’s tax returns, and provide an IRS 4506 T Tax Verification
form.
Proof of Residence
o Your lender will need confirmation that you do reside where you declare you do.
Should you default on your payments; the lender wants reassurance where to find the
vehicle. This can simply be a phone bill, electric bill, or anything that states your correct
address.
Proof of Insurance and License
o Lenders require insurance to be valid on the vehicle purchased during your car loan.
Documentation will be needed verifying the insured vehicle. The address on your
driver’s license must match the address that you have provided for the loan application.
References
o Be prepared to provide three to ten solid references.
Both the dealership and lender require all of the above information so come prepared. If you should
have any questions regarding any of the information you need to provide, ask the finance manager prior
to getting your car loan. Most dealerships will not close the deal unless this information is provided
upfront.
“No Run-Around. Just Drive Away.”