Are you considering a refinance auto loan plan? The process is quite easy. However, it never hurts to get all the information that you can. You can complete your application within a few minutes and receive a decision within a few days at most. But the speed of your application can be delayed if your documents are not complete. Here are the documents that you would typically need.
Documents that Are Always Required
These documents are vital and must be presented for every application. As required by law, they cannot be left out of any application. These documents are:
- Driver’s license: Your driving license is an essential document that identifiers you and shows that you are permitted to drive in the state. Because a driver’s license is required, financiers do not typically require social security numbers from clients.
- Vehicle Registration: The vehicle to be refinanced must have registration information that tallies with that of the loan applicant. A disparity in names can lead to several repercussions including failure to secure the refinancing.
- Proof of insurance: In order to refinance an auto loan, your insurance cover must be active. Insurance is crucial because, in the event of an accident, your financier wants to know that there is a cover.
Documents that Are Sometimes Required
Your financier may also require certain documents. Sometimes, they may not ask for them, but it is okay to include them in your application.
Your insurance card: The insurance card shows the financier the exact amount you pay as an insurance premium.
Proof of income: Sometimes, the financier wants to know where you work and obtain evidence that you earn enough to cover the loan. This document proves that.
Proof of residence: Typical documents to submit as PoR include bill receipts, mortgage documents, etc.
Proof of credit history is also necessary. Your financier wants to know that you have a good credit standing.
Other Documents to Submit
Your financier will give you some documents to fill and return. Some other vital papers include credit application, security agreement, GAP contract, and a Military Lending Act (MLA) Disclosure if you are covered under that act.
When you apply for a refinance auto plan, you can ask what documents to bring along. If you are unsure, the above documents will provide enough information to see your application through. Remember to ask questions if you get confused about anything.