What to Bring to the Bank for an Auto Loan

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Banks require many forms of documentation before approving an automobile loan. Gathering the needed documents before searching for a new vehicle will help get your loan application and approval completed quickly. Banks ask for documentation that will help them determine your ability to qualify for a vehicle loan. Banks also require documentation to comply with laws set forth by the Department of Homeland Security.

Income Documentation

  • Lenders typically request one to three months' worth of paycheck stubs. If you do not have the required amount of paycheck stubs, the bank may request alternate proof of income. A statement from your employer will normally suffice for proof of income in lieu of paycheck stubs. If you are self-employed, most banks will require copies of your tax return for the past two years. Bring proof of other types of income such as alimony, rental income or legal settlement if you want them included as part of your regular income.

Identification Documents

  • The bank will require proof of identity before considering closing your loan. A copy of your driver's license and Social Security card will provide enough proof of identity. If you do not have your Social Security card, you can request a new copy of it from the Social Security Administration. The proof of Social Security number the SSA provides will suffice to complete your loan. You can also use your U.S. passport for proof of your identity.

License, Insurance and Proof of Residency

  • You will need a valid driver's license, insurance for the vehicle you are purchasing and proof that you live at the address on your application. A current lease, mortgage receipt or utility bill will prove your residency. You must provide proof of vehicle insurance before you drive the vehicle off the car lot. Many insurance agents will fax a copy of your new insurance policy. You must first provide the vehicle information needed to add the vehicle to your policy.

Proof of Credit

  • If you do not have a credit history that is verifiable through one of the three main credit bureaus, you must provide proof that you are worthy of credit. Letters of credit from your landlord and utility providers will help prove your credit worthiness with a bank. Your past banking history can also help the bank make a determination on your credit. Ask any locally owned company you have had a positive credit relationship with to provide written verification of your credit worthiness, if they do not report to the credit bureaus.

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