When it comes time to apply for a car loan, not everyone is prepared. Make sure that you’re ready for your application when you find your dream car, without anything stepping in your way. Here’s what you’ll need to know and/or bring when we meet to set up your vehicle loan.
With the rise of identity theft and fraud in recent years, it’s important to know whom we’re dealing with when we’re working with your credit and sensitive information. To obtain a car loan, you’ll need at least one piece of government-issued identification. Some examples include:
• Canadian Driver’s license (don’t worry if you’re not from here in Newfoundland!)
• Government-issued photo ID card
• Social insurance number ID card (will need to be accompanied by a photo ID card)
• Canadian Passport
I’ll need to confirm your full legal name, address, date of birth, SIN, and for you to fill out a quick form. This will allow me to do a credit check to confirm your credit status and connect you to the lender that is most likely to approve you at the best rate.
When applying for a vehicle loan, it makes sense that banks and potential lenders want to ensure that you’re employed. That’s because it shows that you’re more likely to repay your loan than not. This is a good thing!
You can obtain proof of employment from your employer by asking for a letter, or bring in your pay stubs that contain your full name, address, and social insurance number. This will serve as your proof of employment and show what you earn and that you, in fact, have an employer.
Bank statements showing your direct deposits from your employer can also be considered during this process, provided that they are listed as such.
I also suggest bringing a piece of mail from a utility (such as electricity, water, internet) with you to verify your address. This provides proof of residence and should preferably match the address on your driver’s license.
The items mentioned above are the most important things that you will need to bring with you. Your application will require you to outline and outstanding debt, such as mortgages or other car payments, credit cards, any additional income from other sources, and other relevant financial details.
If you’re trading in a vehicle, bring all of the ownership, insurance, and certificate information you have. This will help us evaluate your trade and also help us find the legal details required to purchase it from you and use the funds towards your next vehicle purchase.
Since the goal of getting a car loan is to have you set up and ready to roll with a new vehicle, you also should consider your insurance. It’s illegal here in Newfoundland to drive without insurance. If you have insurance on a previous car, talk to your insurance broker about switching it over to the new car. I’d be happy to provide you with the VIN and other information that your insurance broker will need to make this change for you. If you don’t presently have insurance or a vehicle, I can suggest brokerages and agents to help get you started. This way, once your loan and vehicle are ready, you can simply hit the road and enjoy!