Required documents to finance

The lender waives many of the standard document requirements. However, I couldn't confirm which ones would be waived until the application was officially submitted. For instance, proof of residency can be waived if you've lived at the same address for a long time, and bank statements can be waived if your pay stub shows direct deposit. These are just a couple of examples.

✯ Valid driver's license or identification card

✯ Proof of income

• W-2 income: Most recent pay stub. Pay stub must show:

        1- Gross wages

        2- Taxes, deductions, and contributions

        3- Net pay

        Please refer to the accepted pay stub below (sample) 

• Non-W2 income such as self-employment, tips, 1099, etc.: Most recent three months' bank statements.
• Fixed income such as (SSA, SSDI, etc.): Yearly award letter.
• Cash income: Last three months' bank statements.
• Cash income without a bank account: Last three months' employer canceled checks. 
• We finance other income, such as temp jobs, unemployment benefits, child support, workers' compensation, etc. 

✯ Proof of any additional income (if any)

It depends on the individual case. Please contact us for the list of required documents.

✯ Proof of residency

Any two of the following documents showing name, address, and a period of service less than 40 days old (Driver's license may be used as one of these two documents if it shows your current address)

• Full bank statement received by mail*
• Full credit card statement received by mail*
• Full store credit card statement received by mail*
• Full cell phone bill received by mail*
• Full last bill of electricity, water, cable, internet, landline phone, garbage, etc.

*(online statement of any of the above is accepted as long it shows the name, address, and period of service)

✯ Proof of auto insurance

Any valid auto insurance card must be presented at delivery. Your financed vehicle requires full coverage with a maximum deductible of $500 for both Collision and Comprehensive. While proof of coverage can legally be finalized after delivery, some lenders require it to be active before taking delivery.

✯ Landlord information (if any)

Landlord name and phone number.

✯ Last month's checking or savings bank statement (Applies to some lenders)

It is not mandatory, but it helps you get a better deal. It is required if you claimed that you have an account in your application. The bank statement must be the actual statement that is closed every month, shows the bank logo, your name, and address (not a transactions sheet). Also, the account must be open for more than a month.  

✯ Bank routing number (if any)

It is more convenient to sign ACH (Automated payment). It is not mandatory. If you choose to do so, a bank account number or DR/CR card is required.

Note 1: The same documents are required for the co-applicant, if any.

Note 2: These are the standard requirements, but they may be slightly different in some cases.

• Employee name
• Pay period and date
• Hours worked
• Gross pay (Current period & TYD)
• Deductions (Current period & TYD)
• Taxes (Current period & TYD)
• Employer contributions
• Direct deposit information (If applicable)
• Net pay (Current period & TYD) 
• Any other go case by case.

The benefits of signing an automated payment (ACH)

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