What Paperwork Do I Need for a Credit Approval?

April 13th, 2023 by

It’s time to buy your next automobile and you’ll need to be well-prepared for a smooth purchasing experience. Yonkers Automall provides invaluable information regarding the essential paperwork you must provide to be granted credit approval.

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Proof of Identity, Income, and Residence

  1. You must bring your identification such as a valid driver’s license, U.S. passport, U.S. Visa, or other government-issued I.D. that contains your name and photograph.
  2. Bring up-to-date bank statements, at least two recent paystubs, or a W-2 as proof that you earn enough money to afford auto payments. Without sufficient paperwork, the finance department at the dealership may decide to contact your place of employment to verify your work status and wages.
  3. You are required to prove where you live. If the address on your driver’s license or credit application has changed, take documentation like a utility bill, lease agreement, or mortgage statement with you to prove your new address.

Credit History

Along with your proof of identity, income, and residence, you’ll need to submit a credit application. The dealership will perform tasks including checking your credit ratings and taking note of any current loans that you have. The loan offers and interest rates you qualify for are based on your financial situation.

Trade-In Documentation

If you already own a vehicle and would like to trade it in as credit towards the car that you are purchasing, you will need to bring the title and registration to verify your ownership.

Proof of Insurance Policy

It is necessary to show proof of insurance before you can drive your new ride home from the dealership. In the event you are buying a car for the first time, do your homework by comparing quotes from several agencies. Secure your policy immediately so your vehicle is covered by insurance when you finalize the transaction at the automobile dealership. 

Down Payment

Decide on your form of down payment and have it handy when you go to the dealership. Acceptable methods include cash, a cashier’s check, and a debit or credit card. The monetary value of a trade-in may also be applied toward the down payment. Whether sizable or not so sizable, providing a down payment will help you obtain an auto loan, lower the remaining amount you owe, and reduce the interest costs you will pay throughout the loan, too.

Yonkers Automall furnishes customers with a selection of superb pre-owned vehicles at reasonable prices. We are conveniently located at 1716 Central Park Avenue in Yonkers, NY, and our friendly and accommodating sales team may be reached by calling (855) 700-9198.