The Basic Documents Needed for Car Finance

Now that you’re moving into the application process, getting your documents in order is the next critical step.All of our 30+ lenders have different requirements, but below are the most common documents needed for car finance.

If you’re an employee

How do you know if you’re an employee? Typically it’s if you receive wages, and a payslip, for your work.

Employees who don’t receive regular ongoing hours, such as casuals and shift workers, are still considered employees.

As an employee you’ll need the following documents to go along with your car loan application:

What is a Car Finance Broker?

1. Driver’s license –A copy of your current driver’s license stands as both your proof of identity and residency.

2. Payslips –Typically, you’ll need to provide the last 2 most recent payslips as verification of your income and employment.

3. Car insurance –Lenders want the car (which is their ‘security’ for the loan) protected, so you’ll need to provide a copy of your fully comprehensive car insurance to finalise the purchase. The process is easy, with information provided over the phone from your insurer or broker. We can assist with comprehensive car insurance, or you can purchase it online.

If you’re self employed or a business owner

The application process is essentially the same for self-employed, but just requires different paperwork since there’s no employer for the lender to verify income with.

You’ll still need your driver’s license and car insurance as above, but instead of payslips you’ll need to provide:

1. Proof of Business Use –usually this is a letter from your employer or accountant confirming that your car will be used for majority business purposes.

2. Verification of Income –some lenders will accept a ‘self declaration’ where the business owner confirms in writing that their business earns the income stated by the Applicant. Other lenders may require documented evidence of income such as tax returns or financial statements. The best thing to do is speak with your finance consultant about the different loan options available.

Ready to apply?

Once you get copies of these core documents, you’re ready to start the application process for your new wheels. But if you’re unsure about your employment type or the different car loan options that are best for you, make sure to reach out to us first. The last thing you want to do is apply incorrectly and have a ‘knock-back’ taint your credit history. Just give the team at Auto Car Loans an obligation-free call on 1300 301 051 or use the contact form also you can try our online car loans application form on our website.


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