What Documents Do I Need to Get a Car Loan

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    What documents do I need for a car loan?

    When you apply for a car loan, lenders want to know three things before they approve your application:

    • Who you are
    • How you’ll repay the loan
    • What you need finance for

    After all, you wouldn’t lend money if you weren’t sure who the borrower was or how likely they were to pay it back, would you?

    To help them answer these questions, lenders ask you to supply a range of paperwork which we’ve summarised below:

    Documents needed for a car loan

    tips to get approved for your first car loan

    To help you with applying for a car loan, we’ve put together a checklist of the documents lenders usually require:

    • Proof of identity and residence
      Unsurprisingly, lenders want to know you are who you say you are before they approve your application.

      So you’ll need to prove your identity. In most cases, this simply means supplying your driver’s license.

      Alongside this, you may also need to provide proof of your address in the form of a utility bill, council notice, tenancy agreement or mortgage statement.

    tips to get approved for your first car loan
    • Proof of income
      Once they’ve verified your identity, lenders want to know if you can afford to repay the loan. So they’ll need to confirm your income. Depending on your employment status, that could mean:

      1. Payslips – your two most recent payslips
      2. Bank statements – showing income and expenses for the last three months
      3. Tax returns or BAS statements – if you’re self-employed or own a business, you occasionally need to supply this sort of documentation

    While proving your income is easy for some, it can be a bit more tricky when you’re self-employed or own a small business. A low-doc car loan might be exactly what you need. Find out more by filling out our online application form today.

    • Proof of assets and liabilities
      Lenders want information about your assets and liabilities to build up a clearer picture of your financial position. As such, you’ll probably be asked for:

      1. Details of any debts you have, including mortgages, personal loans and credit cards
      2. Details of any income-generating assets you have, such as stocks and other investments
      3. A summary of your superannuation
    • Information about the car
      The final piece of the puzzle is information about the car and transaction. So you’ll need to supply:

      1. If you’re buying through a dealer a dealer’s invoice or contract of sale (including an address, contact number and ABN)
      2. If you’re making a private purchase – depending on the lender, you may be asked for details about the vehicle (such as its registration), the sale (an invoice) and the seller (their driver’s licence and bank details)

    Don’t be surprised if lenders want to check you’ve got comprehensive car insurance in place before approving your application. That’s because they need to know you can repay your loan if the worst happens and your car is written-off or stolen.

    Gathering all the documents needed for car finance might seem like a daunting task. But, it’s important to have your paperwork ready when you apply as it can help get your car loan approved faster.

    Looking for guidance on your car loan application? Get the help you need by filling in this online form or contact National Loans on 1300 358 358.

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