CREDIT ASSISTANCE PROGRAMS IN MOUNT HOPE, WV

What Documentation Should You Bring to the Dealership for Financing?

As with any auto loan from an automotive loan provider, the applicant will be required to provide records, for example, proof of auto insurance and a current, valid driver's license. If applying a subprime car loan, the applicant will have to bring a few additional records. The reason for extra documents is a moneylender is incurring a high risk when financing a subprime car loan. By requiring additional documents, the financer is taking additional steps to ensure that the loan will be likely to benefit both the applicant and the lending institutions.

Here is a rundown of the documentation that subprime loan provider suggest that you carry with you when you initially go to the dealership finance department:

• A valid driver's license - Verify your license is not expired, revoked, or suspended. Also ensure the address listed on your driver's license is current and matches your state of residence.
• Proof of insurance - Take care to include the name of your agent and a reliable contact number. Preemptively adding a new car to your policy will not be necessary until approval.
• Proof of residency - A recent bill for utilities, such as water or electric, is sufficient proof so long as your name is listed and matches the address given.
• Proof of employment - For approval, a recent (within 30 days) pay stub stating your year-to-date earnings is sufficient. Self-employed individuals must provide two years of professionally prepared tax returns.
• A list of personal references - Most finance professionals expect six references. A reference means any individual that knows you personally -- be it a family member, friend, or work colleague. Your list should include full names, addresses, and phone numbers. Keep in mind your references cannot reside at the same address. As a courtesy, get permission from your references before listing them as a lender may contact them. Phone number verification - Any phone number provided must be in service and under the applicant's name. Prepaid cell phone numbers will not be accepted.

Additional documentation is required if any of the following apply to you:

• Individuals trading in a vehicle must provide the title.
• Individuals who have completed a bankruptcy must provide discharge papers.
• Individual currently in an open Ch. 13 bankruptcy must provide necessary paperwork after receiving an Authorization to Incur Additional Debt from the court.