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What Documents Do I Need for Auto Financing in Edmonton?

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What Documents Do I Need for Auto Financing in Edmonton?

As you prepare to purchase a car, you are probably wondering what all will be involved. Obtaining car loans in Edmonton will involve gathering some documentation, getting your credit report reviewed, and working with a reputable lender to secure the loan. Whether you have your favourite vehicle already picked out or not, you may want to know the documents required for auto financing since this will be a critical first step in the loan process.

Documentation to Bring During the Application Process

Most of the items you'll need will be simple to obtain but may take some time to gather. You'll need a current, valid driver's license issued by the government of Canada for starters. In addition, you should also bring the following documents:

 

Documents required for auto financing2

 

Employment Documents

You'll also need to have documentation about your current employment status. You want to provide documentation that shows you have been steadily working for a while. This will bring much-needed assurance to the lender.

 

You can do this by bringing in a few of your most recent pay-stubs. If you're self-employed, you can print out your profit and loss statement for the year. In addition, whether you work for yourself or someone else, bring your income tax returns for the last two years. These documents will show the borrowing institution the amount of money you've earned recently.

Loan Documents

If you have any other loans or credit card debt, bring the name, account number, and balance owed so that the lender can assess your debt-to-income ratio. Of course, this should show up on your credit report, but occasionally the report could have wrong information on it.

Before You Apply

It's a good idea to check out your credit report before applying for a loan. This will give you the opportunity to correct any mistakes you may find. If your score is 680 or higher, you are in great shape for purchasing a new car, but even if your score is below that you can work with a lender to get a loan. If you have a lower credit score, you may have to pay a little bit more in interest, but at least you won't be denied.

Find Your Car

Now you can take a look for the car you desire. Stop by Freedom Credit where we offer fair financing as well as a selection of used vehicles. We usually have approximately 150 vehicles from which to choose, including feature vehicles and special vehicles. Our buy here, pay here model allows you to find a car you love while securing a flexible loan option and lower interest, and it gives us greater options for lending. In the end, everyone wins.

 

Freedom Credit can help you build your credit by setting you up in a vehicle and arranging a loan directly through our financing department. You save money because we don't use a third party but lend the money ourselves. To find out more about our loan program, get in touch with Freedom today!

 

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