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Money, Savings and Credit Talk

The Basic Needed to Apply for a Car Loan

If you’re on the market for a new car, you’re probably wondering how you are going to afford to pay for it. Unless you have a lot of money tucked away, you’re probably going to need to apply for a car loan. Before you apply, however, you probably have a lot of questions regarding what you will need in order to process the application.

Here’s a look at the basics that are needed in order to apply for a loan for a new car:

  • Proof of income – In order to apply for a loan for a car, you will need to be able to prove that you have a reliable source of income. Make sure you have pay stubs and bank statements to certify your proof of income.
  • Proof of insurance – You’ll also need to show that you have insurance for the vehicle before you apply for a loan. To do this, simply set up your insurance ahead of time, or call your insurance provider from the dealership.
  • Identity proof – The lender will need to certify that you are you. It may sound silly, but you’d be amazed to find how many scams are out there. A license, a social security card and a birth certificate are all valid proof of identity.

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