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When refinancing your vehicle, you will need a few documents on hand. Here’s an overview of what you’ll need and why.
To refinance, you’ll need to provide Caribou with several documents about you and your vehicle. These documents help determine loan terms. When you start the refinancing process, our loan officers will collect these documents from you, as well as from financial institutions and auto lenders, and send them directly to the lender on your behalf.
This list is a good starting point, but please note that additional documents may be requested depending on the lender’s specific requirements or any changes in the lending industry.
What documents are needed for refinancing a car loan?
As part of the refinancing process, your lender will need to verify both your identity and ownership of the car you are refinancing. To do so, you’ll need a government-issued ID and your car registration. Here are a few examples of what they might ask for:
- Driver’s license
- Current vehicle registration
- Current auto insurance
- Proof of mileage
- Proof of residence
- Proof of income
- Other lender-specific documents
- Your green card, work visa, or social security card
- Mortgage payments
- Phone bill
Driver’s license
Your state-issued driver’s license is the most common form of identification asked for by lenders. Your lender will most likely request a picture of the front and back of your license. They will use your driver’s license to match you as a listed party on the existing auto loan and registration.car loan and registration.
Current vehicle registration
Your vehicle’s current registration helps the lender verify that the vehicle you are refinancing is legally registered to you and provides information about its location. Since regulations can vary by state, the registration also helps the lender identify any state-specific factors that may affect the refinancing process. Without this registration, the lender may not be able to confirm whether your car can be refinanced. Tip: Utilize our savings by state tool to easily search what customers in your area save on average with vehicle refinancing.
Current auto insurance
Full-coverage car insurance is legally required for all financed cars. If you don’t have auto insurance or the correct coverage for the vehicle you want to refinance, you won’t be able to refinance.
Proof of mileage
To receive a reasonable loan offer, your lender needs proof of your car’s mileage. Since Caribou allows you to refinance online, the lender won’t be able to inspect your car in person. As an alternative, you can submit an odometer disclosure form or a photo of your car’s odometer, which can be easily taken with your smartphone. Both options allow the lender to verify that your car’s mileage is accurate.
Proof of residence
When lenders refinance your auto loan, they’ll need proof of exactly where you live by asking for documents that show your current home address. Typical documents that qualify as proof of residence include your driver’s license, current employment paystubs, credit card statements, or utility bills. Lenders need to confirm where you’re located to ensure they serve your area to refinance and purchase the debt obligations attached to your loan.
Proof of income
Proof of income documents, like recent pay stubs or tax returns, indicate to lenders that you can pay for your new loan. This document is similar to the information on your credit history and credit history because it helps lenders understand your financial situation better and allows them to offer rates and term options that will work best for you.
Other lender-specific documents
Simply put, each lender and their requirements throughout the refinancing process are different. For example, some lenders may request your vehicle identification number (VIN) to confirm ownership, while others may not. Depending on which lender you’re working with, you may be asked for different information as a means for them to understand who you are, where you live, or your financial situation. Below is a list of several examples.
Your green card, work visa, or social security card
Our wide network of lenders allows us to serve many people. This may include people who are either U.S. citizens or on a visa. If you are a U.S. citizen, lenders will normally ask for your social security number (SSN) or a copy of your social security card when finalizing your auto loan. If you are a green card holder or in the U.S. on a work visa, because of federal rules, lenders may need you to supply copies of either document as additional proof of identity. If you have stamped documents from governmental offices like the Department of Homeland Security, you may also have to provide them.
Mortgage payments
As additional proof of residence, some lenders will want to see your most recent mortgage statements. This allows them to confirm that you’re currently making ongoing and on-time loan payments to the residence you’ve provided, lessening any risk of you defaulting on your new loan.
Phone bill
Some lenders may ask to see your most recent phone bills. This document provides another way for lenders to understand where you live and verify your contact phone number for your loan application.
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Having these documents will help you have what you need to refinance your vehicle. Since each lender and their requirements differ so greatly, you may need all or just a few of these listed documents. Regardless of which or how many of these you need, each document helps your lender confirm important information so they can give you the loan options that work best for you. Ask your Caribou loan officer if you have any questions related to documents, what to use, or how to verify your personal and vehicle information.
Auto refinance document FAQs
- What documents do I need to refinance my car? To refinance your auto loan, you need several different types of documents to refinance your vehicle. They include the car’s odometer, your ID, address, and proof of income. These documents are required by lenders to verify your vehicle, who you are, and other details needed during the refinance process.
- What type of identification documents do I need when refinancing my car? You need to provide identifying documents that show who you are and that you own the car or vehicle you are refinancing. These documents include your driver’s license, current registration, and insurance.
- How do I verify my car’s mileage during the refinancing process? To verify the mileage on your vehicle, you can take a picture of the odometer. This provides lenders with the information they need for refinancing your car. Make sure the mileage numbers can be seen clearly in the picture and do not edit, filter, or change the picture.
- Why do I need to show proof of residence during the auto refinance process? To refinance your car loan, lenders need to know where you live by showing proof of residence. This can often be a utility bill or a similar document. Auto refinance lenders require this because they need to know where you will drive your car most of the time.
- Do I have to show proof of Income to refinance a car? Proof of income is required when refinancing to show lenders you can pay off your car loan. This can be a pay stub from your work or a tax return document if you are self-employed. This information helps lenders understand your financial situation and offer a loan that will work best for you and ensure you can meet your car payment obligations.
- Can I refinance my car using a green card, work visa, or SS card? Our wide network of lenders lets us service people from all walks of life, including people here on a visa. Because of federal rules, lenders may need your work visa, green card or both as additional proof of identity. If you have a stamp on your document by the Department of Homeland Security, it’s more likely that you will have to provide these documents.
- Do I need to show mortgage documents when applying to refinance my car? As additional proof of residence, some lenders will want to see your most recent mortgage payments. This lets them confirm that you’re making ongoing payments to the residence you’ve provided.
- Can I use my phone bill when refinancing my car? Some lenders may want to see your most recent phone bills. It’s another way for them to figure out if you can pay for your new loan, or to ensure that they would be able to reach you in the future at the number provided.d.
Now that you know what documents are needed to refinance your car, you’re ready to get started on the process. Having everything prepared will help you move smoothly through the application and ensure that your lender has the necessary information to offer you the best loan options. If you have any questions or need help with specific documents, don’t hesitate to reach out to a Caribou loan officer. Ready to get started? Easily start the refinance process through Caribou. Apply in minutes and check your rate today!
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