What You'll Need to Apply For Financing

 

In our last blog post, we provided some advice for first-time car buyers. Since it’s unlikely that first-time car buyers have attempted to finance an automobile before, we thought it would be a good idea to follow up our last post with some insights about the kind of documentation you’ll typically need to provide when you apply for financing.

Whether you’re shopping for new vehicles in Silver Spring, MD or you’re looking at pre-owned automobiles, here are some of the things you’ll normally have to provide when you apply for a car loan:

·        Proof of Identity: Federal law mandates that prospective lenders verify your identify before they can offer you a car loan. For this reason, you’ll have to provide a government-issued ID, such as your driver’s license or passport, when you apply for an auto loan.

·        Proof of Income: It doesn’t matter if you want to buy one of our new Nissan models or an older automobile, a lender is going to want to see proof that you can afford to repay your car loan. To prove you can afford to repay your loan, you’ll need to provide proof of your income. If you’re self-employed, you’ll probably have to provide copies of your federal tax returns from the last two years. If you work for an employer, you should be prepared to share your last four pay stubs.

·        Proof of Residency: When you visit our automotive financing center near Rockville, MD to apply for a car loan, you’ll need to provide proof of where you live. A bank statement, cell phone bill, or utility bill that has your name and current address on it is ordinarily enough to prove where you live.

If you want to learn more about the documents you’ll need to provide when you apply for financing or you’re ready to apply for a loan or lease, visit Silver Spring Fresh Start Program on Automobile Boulevard today.

Categories: Finance