Auto refinance involves some paperwork, but it isn't too onerous. Get your docs organized ahead of time to make auto refinancing as smooth as possible.
Auto Refinance Documents
Collect your documents ahead of time to save time!
Overview When doing an auto refinance, you will be asked to supply information about your earnings history, vehicle make/model and mileage, and particulars about your current loan. It is important to have these documents at the ready so that the application process goes smoothly.
Each car loan refinance application and application process will vary by lender. Some may require more information than others during the application process. As such, this article doesn’t aim to provide a comprehensive list of materials, but rather it aims to discuss the most common documents that you will need to complete the loan application.
You may be asked to provide the following:
Personal Information
Social Security number
Home address
Copy of current driver's license
Financial Documents
Agreement to provide insurance
Legible pay stub with current year-to-date earnings. If you are self-employed, then you’ll be required to submit more information. Usually 2 years Federal tax returns for pages 1-2; schedule “C” for both returns.
Work address and phone number for employment verification (if employed)
Vehicle Information
Your vehicle's current mileage
Make, model and style of your vehicle (i.e. Honda Accord EX)
Vehicle Identification Number (VIN). Just check your insurance card to get the 17 letter/number combination. Alternatively, you can check your car for this number. Usually the VIN can be found on the driver’s side dashboard near the windshield or on the engine.
Current Loan info
Name of current lien holder
Original amount financed
Current monthly payment
Date of first payment made
Length of term (i.e. 60 months)
Other
Personal references
If you collect the aforementioned documents ahead of time, then your refinance experience should go very smoothly.
