Reply
Established Member
anewme35
Posts: 22
Registered: ‎03-12-2013
0

Documentation Needed for Auto Loan ?

What documentation was required as part of your Auto Loan application process?

If this helps I'm most hopeful of obtaining a loan through DCU.   

 

Do they care to see the last 2 months of bank statements similiar to whats requested when applying for a mortgage or is the documentation required less extensive?

Valued Contributor
maiden_girl
Posts: 2,094
Registered: ‎12-29-2011
0

Re: Documentation Needed for Auto Loan ?

[ Edited ]

Typically for auto loans...you need 3 months worth of pay check stubs and your drivers license.

 

When I got my auto loan, I had to provide proof of income, drivers license, down payment and proof of insurance. I had to add the car to my insurance before I could leave with the car since dealerships no longer offer the 3 day insurance .

The truth is out there...
FICO scores: 758 (EQ) 741 (EX) 768 (TU) 8/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Established Member
anewme35
Posts: 22
Registered: ‎03-12-2013
0

Re: Documentation Needed for Auto Loan ?

Thanks Madien_girl!  Very helpful.  Someone mentioned the need to provide bank account statements and i wasn't sure if that info was accurate.  Either way if its requested I'm happy to disclose them, but I've never heard of bank statements being used as part of securing an auto loan.   

Moderator
Revelate
Posts: 8,871
Registered: ‎12-30-2011
0

Re: Documentation Needed for Auto Loan ?

[ Edited ]

maiden_girl wrote:

Typically for auto loans...you need 3 months worth of pay check stubs and your drivers license.

 

When I got my auto loan, I had to provide proof of income, drivers license, down payment and proof of insurance. I had to add the car to my insurance before I could leave with the car since dealerships no longer offer the 3 day insurance .


3 months?  Last two pay stubs are typically sufficient in my experience, and that's all I gave to DCU (and to WFDS incidently) and they both accepted it without question

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Moderator
Revelate
Posts: 8,871
Registered: ‎12-30-2011
0

Re: Documentation Needed for Auto Loan ?


anewme35 wrote:

Thanks Madien_girl!  Very helpful.  Someone mentioned the need to provide bank account statements and i wasn't sure if that info was accurate.  Either way if its requested I'm happy to disclose them, but I've never heard of bank statements being used as part of securing an auto loan.   


Bank statements are theoretically usable in case you don't have income verification via pay stubs or tax returns.  I've heard that, never seen it personally.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Member
anewme35
Posts: 22
Registered: ‎03-12-2013
0

Re: Documentation Needed for Auto Loan ?

Revelate, thanks for the info.  Very helpful as I am targeting DCU.  Sounds like I'll need the following

 

1-2 months worth pay stubs

Drivers License

 

Proof of insurance?  Maybe, but for me that would come after I secure the loan with DCU

 

Proof of down payment maybe?  < Maybe that's where the bank statements come in.  If we tell DCU how much we are putting down towards the vehicle, perhaps they'll want to verify that we have the $$ in our accounts.

 

Any other documents needed that I may have missed?

 

Moderator
Revelate
Posts: 8,871
Registered: ‎12-30-2011
0

Re: Documentation Needed for Auto Loan ?

[ Edited ]

anewme35 wrote:

Revelate, thanks for the info.  Very helpful as I am targeting DCU.  Sounds like I'll need the following

 

1-2 months worth pay stubs

Drivers License

 

Proof of insurance?  Maybe, but for me that would come after I secure the loan with DCU

 

Proof of down payment maybe?  < Maybe that's where the bank statements come in.  If we tell DCU how much we are putting down towards the vehicle, perhaps they'll want to verify that we have the $$ in our accounts.

 

Any other documents needed that I may have missed?

 


No, and think you're overthinking it honestly :smileyhappy:.  

 

DCU's loan interface will ask you for specific documents, just submit them and go on with life.  I gave 2 paystubs and that was all it took for my refinance; purchasing new may be different but it won't be by much.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
maiden_girl
Posts: 2,094
Registered: ‎12-29-2011
0

Re: Documentation Needed for Auto Loan ?

Lol for me...it was 3 months because I had recently switched jobs when I got my car so they needed to verify I still had an income. I had only been at my new job for a month after leaving a company I had been working for for a while.
The truth is out there...
FICO scores: 758 (EQ) 741 (EX) 768 (TU) 8/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Mega Contributor
Creditaddict
Posts: 19,430
Registered: ‎10-23-2007
0

Re: Documentation Needed for Auto Loan ?

Carmax did an online "address" verification for my purchase through Santander a few years ago.
I purchased an Infiniti several years with nothing initially, then 2 months later traded in and went bigger to SUV and provided 1 paycheck and some bank statements after fact but nothing at time.
Last year I leased a 2013 Infiniti with no docs at all.
Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:
Valued Contributor
maiden_girl
Posts: 2,094
Registered: ‎12-29-2011
0

Re: Documentation Needed for Auto Loan ?


Creditaddict wrote:
Carmax did an online "address" verification for my purchase through Santander a few years ago.
I purchased an Infiniti several years with nothing initially, then 2 months later traded in and went bigger to SUV and provided 1 paycheck and some bank statements after fact but nothing at time.
Last year I leased a 2013 Infiniti with no docs at all.

Hahaha it is possible because I remember reading something about someone purchasing a Hyundai with a job offer letter and no pay stubs but a condition that they will be offered employment...I thought that was weird but hey...if it can happen...by all means.

The truth is out there...
FICO scores: 758 (EQ) 741 (EX) 768 (TU) 8/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)







myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+