Car Loan Requirements

Most lenders want to know you have the income needed to afford your new auto loan. If your income is too low, or if you have a lot of debt obligations, you’ll likely have a hard time affording your monthly payments. We’ll ask to see bank statements, as well as proof of other income sources like social security, alimony, child support, pay stubs, and legal settlements.

To get a car loan from our credit union, you’ll need to qualify for membership which is open to anyone who lives or works in Nevada’s 17 counties, or you’re an immediate family member to someone who does. Most financial institutions will want to know who you are before they lend you money. Proving your identity and place of residence is easy: just include a valid ID with your application, like a driver’s license or other government-issued ID.

Ideally, by the time you start putting together your loan application, you’ll have already picked out a vehicle. (This isn’t required if you’d like to get pre-approved first, to know what you can afford before you start shopping.) If you have your eyes set on a car or truck when it comes time to apply, then your lender will need details about that vehicle in order to prepare your offer: the make and model and year, the purchase price, and the VIN, to name a few.

Financing through a dealership? The dealer will usually communicate with lenders on your behalf. But if you’re buying from a private party seller, then you’ll need to ask for the above information yourself, plus mileage, liens, and the original title.

Every driver needs insurance. Be prepared to show proof of coverage with a quote when you’re putting together your loan application. If you’re new to driving and don’t have insurance yet, or you simply want to see if you can get better coverage or rate, then we suggest you request a no-obligation quote from Greater Nevada Insurance, a subsidiary of Greater Nevada Credit Union.¹