;)
In today’s world with the prevalence of identity theft, validation of your personal information has become even more important. As you’re applying for credit, whether for an auto loan or something as simple as a credit card, you will be asked to prove you are who you say you are. This protects you and the lending institution against fraud.
In the case of auto refinance, here are a few pieces of information you may be asked to provide when funding a loan:
• Clear copy of your driver’s license or state identification card.
• Proof of income, typically your two most recent pay stubs.
• Proof of residence showing you live where you say you live. Generally, lenders make sure the address you provided on your loan application matches the address printed on your driver’s license and/or vehicle registration card. If you’ve moved and these items don’t match, the lender will probably ask for a copy of your recent phone bill or utility bill with your current address included on it.
• Vehicle registration information from the Department of Motor Vehicles (DMV) in the state where you registered your car.
• Depending on your state, you may need to provide your original vehicle title in order for it to be transferred over to your new lender. You will get a new title with your new lender’s information.
Other items that may be requested if a discrepancy is found in your application or you’re requesting a change different that what is on your vehicle title, you may be asked to provide:
• Copy of your social security card.
• Copy of your marriage license or divorce decree if you’re having a spouse added or removed from your loan.
• Copy of your auto lease documents for lease-end purchases.
• Copy of the bill of sale for your vehicle if it is only a couple months old and not listed on the credit bureau yet.
Keep in mind, only provide this type of information in a secure environment to trusted resources for the intended purpose of your financing request. This is for your protection as much as it is the lender.
When you buy a car, whether new or used, one of the most important documents you’ll need is the title. The title, also known as a certificate of ownership, is proof that you are the vehicle’s legal owner. However, not all cars have titles, which may leave you wondering if purchasing a car without a…
Before agreeing to cosign on a car loan, it’s important to understand the risks. Doing the favor of cosigning on someone’s auto loan can help them qualify for the car they want — but whether you should cosign isn’t a decision to make lightly. As a cosigner, you’re responsible for…
Taking over someone's car payments isn't easy or always possible. Here's what you need to know. Owning a car can be expensive. In fact, the latest data from AAA shows that the average yearly cost to own and operate a new vehicle in 2023 is $12,182 or $1,015 per…