Used Car Finance Document Checklist

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Customer Name:


___ Valid Drivers License
___ Proof of Income: see requirements on second page.
___ Proof of Address: a piece of computer generated mail with your name, address, and a recent date.
___ Proof of Phone Service: recent home phone bill matching street address and/or cell phone bill.
___ Down Payment: cash, money order, or certified check
___ Trade Title
___ Proof of Insurance: agents name _____________________ and phone number _____________________
___ Home Owners: recent mortgage statement
___ Renters: lease agreement and land lords name __________________ and phone number __________________
___ Social Security Card: you must provide proof of your Social Security Number if it is not listed on your proof of income.
___ Bankruptcy Discharge Papers: required for recently discharged bankruptcies.

___Personal References: Please include three family members.
Name Address Phone
     
     
     
     
     
     
     
     
     
     
     
     

Proof of Income

General Requirements

  • Include proof of monthly income for all sources of income listed on your application.
  • Your name must be on the documentation source for consideration as POI.

Time on Job

  • Temporary Employees need to be at their current agency for six months for consideration.
  • Overtime considered if you
    • Have been employed for three consecutive months
    • Last three months show overtime
    • YTD is available and YTD includes overtime.

Documents Required

1. Pay stub (hourly or salaried)

  • Your name must be printed on it
  • Social security number matches application (if printed on pay stub)
  • Dated within 30 days of approved credit decision
  • Includes Year to date (YTD) totals after April 1
  • Include a W-2 up to April 1 of current calendar year
  • Federal/State (state where applicable) taxes withheld
  • Handwritten paystubs require a letter of employment and one of the following;
    • Most recent three months bank statements showing deposits and source
    • Most recent three months cancelled checks (copies front & back)

2. Letter of Employment

  • Only used if employed less than 30 days
  • Must be on company letterhead, typed, with contact name and phone number
    • Note: Verifications department will call contact and verify employment

3. Business Owner/All Self-employed (1099)

  • Most recent two years tax returns professionally prepared
    • Schedule C required – Use line 31, after business expenses

4. Military Leave and Earnings Statement (LES)

  • Dated within 30 days of approved credit decision
  • Social security number matches application (if printed on LES)
  • Year to date (YTD) totals included
  • Federal/State (state where applicable) taxes withheld
  • GMI = YTD/Months
  

5. Rental Income

  • Tax Returns (with Schedule E) and Rental Agreement and one of the following;
    • Most recent three months bank statements showing deposits and source
    • Most recent three months cancelled checks (copies front & back)

6. Fixed Income

  • Requires letter from the agency or party granting the income AND one of the following;
    • Most recent bank statements showing deposits and source
    • Most recent cancelled checks (copies front & back)
  • Acceptable types of fixed income include;
    • Retirement / Pension
    • Social Security
    • Disability Insurance – Only permanent disability is accepted
    • Public Assistance
    • Alimony
    • Separate Maintenance
    • Adoption Subsidy
    • Foster Care
    • Annuity/Trust Fund
    • Child Support
    • Also accept state issued child support statement reflecting at least 3 months recent consecutive payments. Statement must tie back to the applicant by either name, SSN, or case number.
  • Note: Fixed income must be sustainable for at least one year to be considered

7. Union Worker Income

  • Final Paystubs for every job applicant worked during the year
  • Through March 31 of the year you must have final paystubs or W-2’s for all previous year jobs
Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation. Interest rate, down payment, and loan repayment terms will vary based on the vehicle selected. Final approval is subject to verification of employment, income, tenancy, and insurance by a participating lender. Verifications must satisfactorily support the information participating lender received and upon which relied in reaching their decision to pre-qualify the buyer. If the information verified is different than originally received, lender may alter or reject the pre-approval. HighwayFinance.com is not a lender and does not make loans or credit decisions in connection with our loan matching service.