Looking to buy a new or used car? You may well be looking for a quality car loan to secure the right vehicle for you. Whether you have spoken to some lenders or are just starting to gather information, a question that may have come up is ‘what do I need for a car loan application?’ We are here to answer this question, exploring what documents are needed for a car loan, as well as looking at the question of ‘can I get a car loan without proof of income,’ and other related queries.
What documents do I need for a car loan?
So you’re looking for a great car loan and are wondering what documents are needed to finance a car. When anyone applies for a loan, the lender is looking for evidence that the person seeking finance is going to be able make the repayments on time every month, or week. A Lender is also going to want to confirm that the person seeking the finance is who they say they are. So when it comes to what documents needed for car loan applications, the following is usually required:
- 100 points of identification – in the form of things like a Medicare card, a driver’s licence, a passport, and/or bills to your home address.
- Proof of income – in the form of payslips, bank statements, and/or your tax return.
- Evidence of saving – your lender may want to ensure that not only do you earn enough, but you save enough as well.
Some lenders are going to ask for a whole lot more documentation, and others are going to be satisfied with less.
Can I get a car loan without proof of income?
When it comes to knowing can you get a car loan without proof of income, the answer is that yes, you can – but it helps to have a good broker on your side to help with the application. Many people are self-employed or contractors which means that they simply are not going to have pay slips – which is where a low doc car loan comes into play.
Low doc is short for low document, and it refers to an application where you may not have the requisite documents to apply, despite having sufficient capacity to service the loan. A broker like eCarz can help you make an application for a loan without proof of income, and can help you to find a great rate on your application as well.
Speak to our team today!
We hope we have answered the question about what documents are needed for a car loan. If you still have questions about what documents do you need to get a car loan, or if you want to make an application for a car loan, speak to our car brokers today. We are so much more than just brokerage – we are a one stop shop for anyone looking to buy a new or used vehicle! We offer car brokerage services, finance assistance, and can help you get on the road with the car of your dreams sooner.