What You Need to Buy a Car: Setting Yourself up for Success

posted in: Auto Loans, Financial Tips 0

Purchasing a new car can be an exciting process, but preparation can be helpful to ensuring it goes smoothly. Before going to a dealership, wewhat you need to buy a car advise gathering all necessary documentation to purchase a car to make this process as easy and fast as possible. 

What do you need to buy a car? You need several supporting documents to present to a dealership and lender. These documents can include a driver’s license, proof of auto insurance, proof of income, proof of residence, and auto loan pre-approval. Learn more about what you need and why in our blog:

What You Need to Buy a Car: The Essentials

Driver’s License

When determining what you need to buy a car, a valid driver’s license with your current address is an important supporting document. Your driver’s license can serve a few functions: 

  • Proof that you can legally drive
  • Proof of identity (for financing)
  • Proof of residence (for financing)

Proof of Insurance

Insurance is a legal requirement for drivers in nearly every state, and California is no exception. Ensure you have proof of your current insurance policy. 

Before going to the dealership, contact your insurance company about adding a new vehicle to your policy and removing one if necessary. While at the dealership, we advise giving the insurance company the vehicle identification number (VIN) to finalize coverage. 

Proof of Income

Deciding what you need to buy a car could include considering financing. When applying for financing from a reputable financial institution like Camino, proof of income is always a requirement, so gathering this information is important. you can anticipate presenting your most recent pay stubs or bank statements. This proof demonstrates that you can make a down payment and your monthly payments. 

Proof of Residence

Proof of residence is also important to provide. Trustworthy lenders like Camino will want to verify your current address. Acceptable documentation includes:

  • Bank statements
  • Mortgage statements
  • A rental agreement
  • Utility bills
  • Property tax bills

 Auto Loan Pre-Approval

Of course, payment is an important things to keep in mind when thinking about what you need to buy a car. When pursuing financing, we recommend applying for pre-approval with a respected financial institution like Camino

Pre-approval could help you understand what you can afford to focus on cars within your budget. More importantly, applying for pre-approval for a Camino auto loan streamlines the process

Call Us to Learn More About What You Need to Buy a Car and Apply for Loan Pre-Approval

Purchasing a car can be a significant investment, and ensuring this process goes smoothly could require adequate preparation. At Camino, we offer great interest rates, fast approval, and pre-approved financing to put you in a new car and on the road to a brighter financial future.

To learn more about what you need to buy a car and how we can help you finance a new vehicle, visit us at caminofcu.org, call us at 800–835-3400, or contact us.