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Salary Documents Required for an Auto Loan

The first step in any auto loan procedure involves getting a quote from the lending institution. This step determines what sort of interest rate would be charged from the applicant over the course of the loan. The major requirement for any lender is credit score and income. These two pave the way for all other requirements. The credit score can be checked by putting in the social security number, but the income of the applicant is verified by providing specific salary documents and these are mentioned in the following lines:

The applicant has to provide the auto loan lender with an employment paper or certificate which verifies the fact that the applicant is working with the mentioned company and at the mentioned position. The total working time of the job is also important as it signifies whether the applicant has a stable earning source or not. If he/she has been fired from the job a couple or more times or is fond of changing careers, then chances are that he/she won’t be able to earn and pay the installments in the future. Although promotions are welcome but frequent change of job isn’t a sign of discipline and it is quite important when applying for auto loan.

The user also has to give the name of his/her employer’s or supervisor or human resource’s head’s number to the lender so that he/she could verify that the applicant is actually working there. If the number isn’t provided, then the aforementioned certificate and salary proof is required. The usual salary proof can be shown by giving the recent pay stubs or checks which were signed by the employer. Hence, it is very important that the information, especially about salary and job, provided in the application are true otherwise the applicant could face fraud charges along with a major hit to the credit score.

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