Answer
May 02, 2018 - 09:58 PM
Hello there
Regardless of the value of the car you're interested in buying, the financing requirements remain the same: You must be steadily employed, and you must have a clean credit record. The credit record gives the financial institution an indication of your financial health, and whether you're capable of managing your debt.
As far as your employment goes, most banks would be wary of extending that amount of credit if you aren't currently employed, and if your term of employment hasn't yet passed the 6-month mark. If your employment history is stable (more than 6 months at your current employer) and you have a clean credit record, you will need to supply the following:
Proof of employment (a copy of your contract or a letter from your employer's Human Resources department),
6 months' bank statements,
ID document,
Proof of residence.
Some credit providers have other requirements, but these are common to them all. Best find out what else you will need from the dealer's Finance and Insurance department, or directly from your bank.
Hope this helps!
The AskAutoTrader Team
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