Pay Stubs and Bank Statements When Buying a Car

You’re in the market for a new car, but cash is a little low.

Does this sound familiar? And are you asking what to bring when buying a car?

If you want to buy a new car using a loan like much of the population, there are a few things you’ll need to bring in to get the approval you need. In fact, even if you’re not going to get a loan for your new car, there are still documents you need to bring to get the vehicle of your dreams.

We are here to help you make sure your purchase goes off without a hitch. Continue through this article to learn more about what to bring to a car dealership so you can buy your car.

Proof of Your Identity

Before you can buy a vehicle, you need to prove who you are. Most people find this pretty easy to do since when you’re buying a car, you’ll usually have a current driver’s license.

If for some reason, you don’t have a current driver’s license, there are things you can use. U.S. citizens can use their passport or a state I.D., but you cannot use a military I.D. since there’s no photocopying allowed.

If you’re not a U.S. citizen, you can bring a passport and a visa when you’re buying the car. The passport will prove your identity, but the visa will prove you’re allowed to be in the country.

Proof of How Much Money You Make

If you’re going to finance your vehicle, you’ll need to prove how much you earn. There are different ways you can provide proof of income, but most people use a paystub.

Your employer may use a stubcreator to give you your paystub if you only get your stubs online and need a printed version. If you’re self-employed, you may also find this is a good option for you as well.

Almost all lenders ask that you provide proof of income and what your bills are. The reason they need this is that they need to know that you have enough money to pay your bills, buy food and also pay for your new car payment.

There are different ways to prove income, depending on your situation. If you don’t have a traditional job and you’re self-employed, you’ll likely have to provide more proof than someone with a traditional job.

Some of the proof you might need to show are your last two years’ tax returns as well as your bank statements. Providing these things will give a better picture of your overall financial health and your ability to make good on the loan.

Depending on your financial situation, they might require more or less money down on the vehicle before they’ll give you money for a loan.

You may be getting ready to get a job. If that’s the case, you can bring your job offer letter. The offer letter needs to show the employer’s information, your name, when you start the job, and exactly how much money you’ll make annually.

If you have any other sources of income, you don’t have to report them, but it could be helpful if you want to get approved.

Proof of Where You Live

If you’ve just moved, you’ll likely need this. You have to provide a residential address on your loan application. The address can’t be from a P.O. box or business.

Most of the time, you can get proof of residence by using utility bills. If you aren’t the one that has the utility bills in their name, you can use medical bills, a lease, or a mortgage contract to show that’s where you live.

If you want to receive mail elsewhere, you have to let them know which address if your residential address and which address is your mailing address.

Registration for Any Vehicle You’ll Trade

If you’re trading in an old vehicle, you’ll need all of the information you have on it. The basic information you have to bring is the current vehicle registration, but if the vehicle is paid off already, you can bring in the title.

If you lost it, you have to file for a lost title or make a request for a title. In some cases, you’ll be able to buy the car right away as long as you have the current vehicle registration.

When you owe money on a trade-in, you aren’t the one that has the title. In this case, the lender has the title.

What you do in this situation is get a payoff statement that shows how much money it costs to pay off the entire vehicle loan on an exact date. If you’re working with a dealership, they will call and do all of the work to find out how much your payoff is.

If you have another name on the registration or title, you are likely going to have to get them to sign off on the transaction. Since their name is on the paperwork, they are considered a part-owner. Different states have different laws about whether you can sell without their permission or not.