Document to apply for a car loan in Belgium
To speed up the process for granting a car loan, be sure to provide a complete file to your lending institution. Thus, the best approach would be anticipation by preparing in advance the parts needed for your loan application. To help you, here is a reminder of the documents you will send to the bank for your auto loan.
Identity and residence documents for a car loan
To allow your lender to reassure you about your personal situation, you will bring him the documents that will prove your identity, attesting that you are resident in the country. Do the same for your co-borrower if you have one.
For example, you will bring the original and the two-sided copy of the identity card, resident card or passport.
For the proof of address, an EDF / GDF or landline bill dated less than 6 months will confirm your address.
In certain situations, the bank may ask you for additional documents such as the title deed (deed of sale) and the latest property tax notice if you are a landlord, a rent receipt of less than 3 months if you are a tenant, a certificate home address if you live with an individual. You must also provide for the divorce decree if you are separated, as well as a contract of employment if you have just joined a new company.
Auto Credit: Financial Credentials
Also in the process of obtaining the car loan, you will have to provide financial or bank vouchers. Depending on the size of the amount requested and your financial situation, the essential documents differ from one bank to another.
Among the important banking documents to provide, there is the RIB with IBAN and the last three bank statements, amortization tables of your other outstanding credits (mortgage, consumer credit).
Regarding your income, if you are an employee, you will provide your last 3 payslips, the latest tax notice and those of your co-borrower. For professionals, merchants, craftsmen and farmers, the final tax notice and the seda package for the annual accounts will be required. As for pensioners, the last pension statement will replace the last tax notice. As for the entrepreneurs, they will have to present the K-bis, the statutes and the last three balance sheets of the company. And if the borrower is self-employed, the latest declarations and the URSAFF certificate will be requested.
In addition to these supporting documents, you must submit proof of your alimony, your property income, allowances or copyrights. These are all positive elements in your application for auto credit, which will serve to reassure your banker who will be more inclined to grant you this car loan.
Assigned auto credit: the necessary documents
In the majority of cases, the car loan is made in the form of an assigned personal loan. The purchase order obtained from the dealer or the garage will therefore be part of the application file. As a reminder, the loan assigned gives you access to an amount that will be paid directly to the dealer to buy the car of your dreams. You will then have to repay capital and interest in several installments.
What to do to conclude the car loan?
As soon as you have all the necessary documents for your car loan, you can launch the application and will be informed of the amount that the financial institution will be ready to grant you. You will have an interest rate calculated according to the repayment period of your loan. To borrow smart, limit to 5 years the duration of the credit, because after this period, you will have more trouble to sell the car at the best price, since the price drops by 15% each year. Especially since it is useless to repay a large credit for a car that has lost its value.
What happens if I can not provide certain documents?
Any borrower has the right to refuse to provide the necessary documents for obtaining a car loan. However, the law requires banks to check the creditworthiness of their borrowers and the absence of supporting documents necessarily results in a refusal of the credit application.