Automobile Refinance Paperwork ‐ What Do You Need to Refinance
Automobile refinance is usually an easy process as long as you take the time out to secure all of the documents that you need. One of the many things that you should do is to take a look at the loan documents from when you initially financed your car. This can be helpful in re-educating yourself on all of the loan terms as well as on any documentation that you submitted to the initial finance company. As you review your previous documentation, make a mental note, because nine times out of ten you will need to provide an updated version of the same documentation to the lender who is refinancing your car.
Documents Required for Automobile Refinance
Usually, lenders will give you a checklist of the documents that they need. Let’s start with the general documents. Initially, you will, of course, need to provide copies of your license and social security card. That is a standard given fact when it comes to identification verification.
Next, you will need to provide employment verification. Some documents that your lender may accept include a letter from your human resources department, or a copy of your most current paystub. Keep in mind that you paystub may double as verification of your income, which is the next required piece of documentation needed.
If you have the title of your car, proof of insurance and registration, you will need to have that handy. A lender will want to verify that the title is in your name, and that you have registered the car and that it is insured. You will need to provide all of the information that you have on the vehicle.
It is important to know that the lender will want to have a list of your credit and banking history. This will give the lender a proper assessment of your financial history. Additionally, you should be prepared to show the lender proof of residence. This means that you will need to provide a copy of the lease or deed to the house or apartment that you reside in.
Also, if there is a promissory note that the lender had sent to you, then you will want to be sure to have it signed and dated.
These documents are usually what is required in order for you to get the refinanced car loan approved – it is more or less the final step in the process. For more information on any additional documentation need for automobile refinance, you should call your lender directly.