If you’re in Lutz or the surrounding area and on the hunt for a new vehicle, you would do well to explore credit unions. These financial institutions offer great credit union car loan rates, and even better — they’re plentiful.
There are more than 5,000 credit unions open in the United States today. If you’re looking for a customer-friendly loan process, exploring credit unions can help. All you need to do is get your ducks in a row.
These tips will help you put together all of the documents needed for car loan completion and approval.
Proof of Income
Make sure that you have proof of income that will show the credit union you are capable of paying back the loan. For many people, this means getting at least your most recent pay stubs. You might also need to look into tax returns.
Hold onto previous years’ tax returns so that you always have this proof of income when needed. Keep both hard copies and digital so that you can furnish this proof as needed.
You’ll get better interest rates on car loans when you can show that you make more than enough money to pay for the vehicle.
Months of Bank Statements
Next, you need to show that you’re a good money manager before you apply for car loan opportunities in Lutz or the surrounding area. The credit union might ask you to furnish a few months of bank statements.
This will show how much money you keep in your bank account, and that you can still pay your car note if you experience a financial shortfall.
Verification of Your Identity
In a world of fraud and identity theft, you’ll also need proof that you are who you say you are. When applying for a credit union car loan, show proof of identity to the credit union.
This will include a combination of photo identification and your social security number. Furnish a copy of your license, passport, and any other ID that will satisfy this requirement.
Car Insurance Proof
Both the dealership and financial institution will want to make sure that you have valid car insurance. If you have a pre approved car loan, make sure that you also furnish proof of insurance.
Get the VIN number of the vehicle, along with the year, make, and model, and shop for quotes on brand-new automobile insurance plans.
A Credit Report
Finally, make sure that you also have your credit in order. Pulling a credit report is critical whenever you’re applying for a credit card or a loan. This will detail both your credit score and history to prove that you are trustworthy with money.
These financial institutions will have different credit level prerequisites and standards before approving you.
Documents Needed for Car Loan Approval
The tips above will help you when you’re looking into documents needed for car loan approval.
If you’re in the Lutz area and need the help of a quality Federal Credit Union, we’d be happy to assist you with all of your financial needs. Check out FiCare Federal Credit Union to learn more about opening savings accounts and contact us with any questions about our other financial services.