Car Loan Application Tips
By providing as much of the following information as possible, your car loan application can be processed promptly and smoothly, having you driving away in your new car faster!
Proof of income and employment details
- most recent payslips, or a letter from your employer detailing income details
- previous year's tax assessment
- employer details for the past three to five years.
Self employed people will also need to provide profit and loss statements and, possibly, tax assessment notices for the previous two years.
Proof of identity
You will need to show at least one form of photo ID in addition to a number of other documents with your current address and/or signature, such as recent utility bills, bank statements or Medicare card.
Assets
- bank accounts
- details of shares held
- property, motor vehicles and other personal effects owned.
Verification may be required for certain assets such as a rates notice for property owned.
Debts
- credit cards
- mortgage details
- verification of other loans held
Lenders will consider your debt repayment history as well as your credit history overall.
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