What documents do I need?
A simple checklist of the documents you'll need to finalize your auto financing approval.
Getting approved for an auto loan is faster and easier when you have the right documents ready. Lenders need to verify your identity, income, and residence before they can finalize your financing and hand over the keys.
The Essential Checklist
While specific requirements may vary slightly depending on the lender and your unique situation, having these standard documents on hand will ensure a smooth process:
1. Valid Driver's License
Lenders need to verify your identity and ensure you are legally allowed to drive the vehicle you are purchasing. Ensure your license is current and not expired.
2. Proof of Income
Lenders want to see that you have a steady income to comfortably make your monthly payments. Acceptable documents typically include:
- Your two most recent pay stubs
- Three months of bank statements (if self-employed or receiving non-traditional income)
- Notice of Assessment (NOA) from the CRA
3. Proof of Residence
You'll need a document that proves you live at the address listed on your application. A recent utility bill (hydro, water, internet) or a piece of official mail (like a bank statement) dated within the last 30 days is perfect.
4. Void Cheque or Pre-Authorized Debit Form
This is required to set up your automatic monthly loan payments. You can usually download a PAD (Pre-Authorized Debit) form directly from your online banking portal.
What if I'm trading in a vehicle?
If you are trading in your current vehicle, you will also need to bring the vehicle's ownership/registration document and any keys or fobs you have for it.
Have your documents ready?
Apply now and let our team handle the rest. We'll guide you through the process step by step.