Your Auto Loan Checklist

When you sit down to apply for your auto loan online, the process will clip along at a much steadier pace if you have gathered all of your paperwork before you begin. Should you choose to apply for a loan at the auto dealer, the process will take an exceptional amount of time no matter how much you contribute toward expediting the process, but your paperwork will still be necessary in order to fill out the required forms.

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What You Need For a Car Loan:

• A valid driver's license
• Last year's W-2 form
• A recent pay stub  
• A copy of your credit reports, one from each of the three credit bureaus
• Past employment information if you’ve been at your job for fewer than two years
• Previous addresses if you have lived at your current address for fewer than two years

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For the Auto Loan Down Payment

If you apply for your auto loan at the dealership, don't forget one of the following for your down payment:

• A credit card
• A personal or business check
• Cash

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Car Purchasing Protection

Here's what you should have with you in order to protect yourself when a purchasing a car from a dealership, especially if you are purchasing a used car:

• Your own financing and loan approval


• Proof of insurance


• Notes about different quoted rates from websites or online quote sites, including URLs.


• Car research data, including what is standard on the models that you are interested in, what the average cost of different upgrades are, et cetera.


• A co-signer and an objective party to help you negotiate and give you perspective on your purchase.

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• If you are buying a used car then have a mechanic picked out who will put the car up on a lift for inspection and check for damage. Also, be prepared to run a vehicle history report.


• A pad and paper to note the things that the salesperson is offering you and telling you is included in different vehicles.


• Any trade information on your current vehicle, if applicable.


• Time. Take your time and don't let yourself by anything the on the first visit to any dealer. When you do decide to purchase a car, make sure you have the time to sit down and carefully go over the contract to make sure that everything promised is actually included.

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