Process for financing a car

[Myhearts]

Hey all,

Hearts here and looking to trade in my van for a car.  What is the process, what type of documentation is usually required?  Tax documents, w2's, bank statements? 

Thanks

HEarts

[wvasweetness]

I'm in this process as well. My bank requires:

1. A completed application (includes work history, current listing of bills I pay each months, etc)

2. Two current (within 2 months) utility bills

3. W2 from last year

4. My last two pay stubs

5. Driver's license

In my case, I have collection accounts on my CR, so I have to provide documentation showing that the debts have been paid in full.

Message Edited by wvasweetness on 02-18-2008 10:13 AM

[Myhearts]

wvasweetness,

Thank you for your response.  This is very helpful.  How would verification of income change because I am self-employed?

Hearts

[Anonymous]

My girlfriend just traded in her 2004 Civic for a brand spanking new 2008 Civic. She has a credit score of 690. She walked in and they NEVER asked her about her job. NEVER. She had to sign an application that asked her where she worked and her income. But that was it...no documentation was needed. Don't ask me why. Maybe get a Honda ? Good luck.

[treschic]

i think it depends on your credit score.  when one of my friends applied for financing, they had to supply pay stubs, w-2's, work history, references, bank account statements, he had a car previouslly, and had never been late on his car payment, so his auto-modified fico should have been pretty good, but when another one of my friends went, she filled out the application, chose her car, and received her keys, she'd only been on her job for 2 months, and only worked part time, since we were students, but she had really good credit, since she had multiple credit cards since the age of 18, and her parents pif at the end of the month of all of them. she never had a car, so there was no auto modified fico available for her. so, if you have bad credit, be prepared for documentation, and restriction on how much you can spend, and how old and how many miles the car can have, if you have fair to good credit, then you probably don't have to worry. 

[Anonymous]

Maybe I'm a bit late on this subject, but having bought a new car last week, all that was required was that they needed to know my place of employment and annual salary as far as that was concerned. They also wanted the name, addresses and phone numbers of 3 references to contact in case I started to not make payments (which is impossible since I have automatic payments). I also needed to produce a drivers license, registration, proof of insurance and the title for my old car. That's pretty much it...