15 August 2016 ·

What Documents Do I Need For Vehicle Finance? | Phil Gilbert Hyundai

So you want to buy a car. Not everybody has the means to purchase a car outright, but there are many different finance options if you have your heart set on a lovely new vehicle, like the Hyundai Sonata or the Hyundai i30. If you’ve made the decision, then you know that it’s time to get your finances in order. Depending on who you decide to borrow from, there are different documents that you’ll need to have prepared before you make your request. This differs depending on whether you’re borrowing from a bank, a lending agency or a car dealership. The application process is simple enough – it’s the approval that you may or may not have to worry about and be prepared for. 

The Absolute Basics

The first thing a lender will require of you is your driver’s license and expiration date. This is all you usually need to initially apply. However, you will also most likely be asked for Proof of Income in the form of two recent payslips. If you are self-employed, you might provide a tax return or Notices of Assessment as Proof of Income. In some scenarios, bank transaction listings may also be enough.

Don’t expect to get out of showing this even if you have a perfect credit score. The better you meet the standard requirements, the more likely you are to get a secured car loan with low interest rates.

What Documents Do I Need For Vehicle Finance?

So you want to buy a car. Not everybody has the means to purchase a car outright, but there are many different finance options if you have your heart set on a lovely new vehicle, like the Hyundai Sonata or the Hyundai i30. If you’ve made the decision, then you know that it’s time to get your finances in order. Depending on who you decide to borrow from, there are different documents that you’ll need to have prepared before you make your request. This differs depending on whether you’re borrowing from a bank, a lending agency or a car dealership. The application process is simple enough – it’s the approval that you may or may not have to worry about and be prepared for.

Centrelink Statements

If you receive Centrelink benefits at the time of your car loan application, you may need to provide a Centrelink Income Statement. 

Current Debts

Your credit rating will obviously be checked when applying, so you’ll want to make a good effort to clean up or pay off any debts that you have before you begin applying. If you already know that you have a bad credit history, gather up credit card statements, mortgage details and verifications of other loans that you’re holding. You might be asked to show a history of bank account transactions or bank statements a few months back.

What to bring to Phil Gilbert Hyundai?

If you are applying for finance with Phil Gilbert Hyundai in Sydney, we have simplified the process entirely. We have developed a finance roadmap which we will talk you through – in the meantime, a summary of the documentation required includes:

  • Your Driver’s licence
  • Second form of ID e.g. Medicare Card
  • Confirmation of Income, either:

                - 2 x Payslips (recent) or

                - Letter of Employment, or

                - Tax Return

  • Bank Account Details for Direct Debit deductions
  • Confirmation of Residence, either:

                - Rate Notice or

                - Rent Receipt, or

                - Accommodation Letter

Considering buying a brand new car? Consider Phil Gilbert Hyundai in Sydney for your financing options!