Lenders will need a few documents before you can refinance your vehicle loan. Before you can start saving, you will need to go through your file cabinets and find a few items. These documents are not required, but you can always get them if you forget. The documents you need to refinance your car can be requested from your employer, home, or insurance company. We will help you locate the necessary documents to refinance your car loan.
Documentation Proving Employment And Income
Refinanced car loans will usually require proof of income. This will usually be requested by lenders in the form tax returns or tax forms. This information is required by lenders for refinance car loans before you are approved for a loan. Different requirements apply to salaried, self-employed, or freelance workers. Each may also require proof of income.
- Hourly/Salaried Employees – Before allowing you to refinance your vehicle loan, your lender will most likely ask for pay stubs from the last two pay periods. They may request a W-2 from previous years if you apply at the start of a calendar year.
- Contract Employees – If you’re a contractor or freelancer, the documents required to refinance your car will be different. Auto refinance lenders may request your tax returns, as contract workers and freelancers receive multiple 1099s from different companies.
- Self-Employed – If you are looking for a refinance loan on a car, lenders may ask to see tax returns for the past two years.
Evidence Of Residence
Sometimes your lender might ask for proof of residence if your credit report is not correct or your driver’s licence address doesn’t match. You can refinance a car by looking through your filing cabinets. Here are some documents that you can use to prove your residence to a lender.
- Utility bills
- Driver’s license
- Statement from the Bank
- A mortgage statement or a lease agreement
- Property Tax Bill
- Renters or homeowners insurance policy
You will need proof of your car insurance policy to refinance your car loan. Your insurance ID card may contain proof of your policy. You can also use the declarations page provided by your insurance company. You should make sure you have one of these documents in order to refinance your car loan.
A lender will need the following information to process your loan application and approve your application for a refinanced vehicle loan:
- Vehicle Identification Number (VIN).
- Repay the amount of your current loan
This information can be found on your vehicle’s registration card. Only the amount you owe on your current loan is not listed on your registration card. This information can be accessed from your current lender.
Refinancing Your Car Now
You can refinance your car as soon as you have all of the documents. A refinanced car loan can help you save on average monthly costs by working with experts. The ilending refinance car calculator will help you understand the best options that will offer you the greatest savings.