Anybody can request a car loan as long as they have the means to repay it sooner or later. Institutions that offer car loans allow you the right of choice and will provide different sets of regulations and terms according to the type of car loan you are requesting.
You will also have a time restriction to abide by and document to provide for assessment and approval of the car loan.
The type of documents you will need may vary depending on whether you are a professional or employed with a monthly salary.
If you work for a company and have a regular monthly salary then you can select almost any repayment package car loan companies to offer. The procedures and processing of your request are also easier all you need is proof of identity and salary sheets.
You will find that when searching for a car loan there are so many loan companies that the choice can even be hard to make. This is good news for those seeking a loan as they have plenty of choices and can select a car loan company with the best terms and repayment interests.
Another advantage of this competitive market is that loan companies have made procedures more straight forward and easier to get through. The following documents and papers are those you would generally need when applying for a car loan and receiving an approval.
The loaning company will need proof of the identity of the person requesting the loan. You will also need to have your driving license and passport.
In addition to these, you will need a proof of residence that can either be under the form of an electric bill or phone bill.
Bank statements will be required, where the income can be clearly viewed by the loan company. Of course, they need to check if you can pay the loan back before they release it. You will have to provide past credit history and credit card usage.
Those who are professionals will need to provide a bank statement that goes back to six months so the loan company can determine whether you have sufficient income to pay back the loan.
Income tax returns will probably be requested especially in the case of professionals. Obviously past and present loan history is also important in you to want to receive approval for a car loan.
The loaning company will consider how many loans you have had in the past and your repayment history, and naturally, all history of completed repayment of loans will give you a positive image.
The above documents
are those that will be required, but there may also be additional ones
depending on the loaning company and their specific regulations, so it is
always best to check if there are additional items to consider and find out
which ones.
