Document Checklist When Applying for a Car Loan

Though it has been seen that car loans require only a few documents as compared to the other types of loans, it is necessary to check that whatever documents are required by the car loan lenders. This is because after the successful submission of the documents for the car loan, the field investigator visits your home to double check the facts provided by you in the car loan application form. In case there is any mismatch, he may cancel your car loan application.

The documents that are to be provided to the car loan lenders are classified into three main categories. These are the documents that support your identity, documents that provide your residence proof, and the documents that provide your income proof.

Documents for a car loan that provide Identity Proof: it is necessary to submit a copy of any kind of the document that can give the proof of your identity to the car loan lender. This can be your passport, voter ID or driver's license. Any of the documents mentioned above when submitted gives the proof to the car loan lender that you are the person that you profess to be.

Documents for a car loan providing Residence proof: this can be a copy of your passport, voter id, driver's license or recent utility bill. In case you are renting, you need to produce your utility bills like your electricity or the telephone bills of the place where you are residing as your proof of residence to the car loan lender.

Documents for a car loan providing Income Proof: most of the working or salaried people also need to submit their documents to get the car loan such as latest salary slips, and their bank statements for the last 6 months. In case you are self-employed then you need to provide your tax returns for the last 2 years as your proof of income to get the car loan.

Car loan surrender letter: It is important for you to have the copy of the agreement for yourself also when getting the car loan. A car loan agreement is basically a document where everything is put down in black and white. This is done so that the interests of the car loan lenders and the borrowers can be protected.

So, it's better to keep all your documents ready to avoid a time rush for the car loan.

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