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May 2021, 24

Documents Required for Car Loan

Feyza Uzun
| Blog
Documents Required for Car Loan

The documents required for a car loan are documents that make sense, together with the person's credit rating, requested by the banks to have information such as identity, address, and ability to pay. We think that it is correct to give a brief information about the car loan without making these documents and explanations.

Vehicle Loans

Nowadays, almost everyone prefers bank loan as a payment method when purchasing a vehicle. The reason for this is to spread the money over the long term and establish the balance of payments instead of paying all the money at once.

All of the banks create special campaigns for car loans and provide loans with interest rates that they think are advantageous for people who request loans. When you request a car loan from any bank, as we mentioned in the title of our article, they request the necessary documents when using a car loan, and they also interpret your data in the banking partner pool and answer your loan positively or negatively. This process usually ends within a day. Your task here is to determine a budget that you can meet the monthly amounts and to find the bank that allows you to use loans with the most suitable interest rates.

I Applied For A Car Loan But Changed My Mind

Today, with the development of technology, the ways of applying for loans have also changed. In the past, loan applications made only by going to bank branches have now been replaced by digital banking channels. For this reason, the way you apply also plays a decisive role in the cancellation of your loan application. Applications made through digital channels are pre-approved or canceled considering the credit score as well as the information and documents submitted by the person. The pre-approved credit is automatically canceled if it is not used for 14 days. The 14-day rule is still valid for applications made from branches. In order to cancel the loans applied from the branch, they should apply to the branch again. Since the credit is not used, the cancellation process is carried out by the branch.

What if the credit was used? Then you can cancel your loan by paying the accrued interest of the amount you used and the amount you used until that day.

When your loan is canceled, the documents required for the car loan are also destroyed by the bank.

What Are The Documents Required To Collect In A Vehicle Application?

When you want to use a loan, the documents required for a car loan may vary depending on whether you are a real or legal person. Before applying, make sure that the following documents are fully prepared. Otherwise, banks will not initiate your transaction.
1. The first of the documents required for a vehicle loan is the completed version of the document submitted to you by the bank to fill out at the time of application. With this document, your loan utilization process becomes official.
2. The original and photocopy of any official documents such as identity card, driver's license or passport that will prove your identity.
3. One of the electricity, water, natural gas bills issued on behalf of the applicant. This document is required for the correct identification of your address.
4. Payroll with the records of the last 12 months for paid employees,
5. A document showing the pension card and salary amount for retirees,
6. SCT payment receipt or temporary document regarding vehicle registration must be submitted to the bank.

As we mentioned before, the documents required for a car loan may vary depending on different banks and the situation of the person requesting the loan.

If you are a rent a car owner who wants to use credit, we would love to meet you with Titarus, which has superior services in the management of existing and new vehicles to your fleet. Titarus offers superior services regardless of the number of vehicles in your fleet with the modules and services required for rent a car companies. You can contact us at any time to manage your vehicles instantly, to keep short and long-term data you need in your customer relations, for reporting, human resources and much more.