Thank you for choosing Washington Auto Credit!
WHAT HAPPENS NEXT?
One of our finance specialists will reach out to you. PLEASE answer your phone, even if you do not recognize the number. We need to verify your identity as well as make sure the rent/mortgage and income entered on your application are calculated the same way that our underwriters will calculate them.
When we first speak to you we will need to gather some basic information about the vehicle type you hope to purchase, what your timeline is, what you are driving now, whether or not you will be trading that vehicle in, and we may even discuss your budget. Additionally, we are often able to help our clients get a better loan than our competition because we take the time to learn about the story behind negative items on your credit. There is a lot of information that is simply much easier to discuss over the phone than via email or text (but we can and will use those methods to communicate with you as well). To help things go faster, we ask that you please answer your phone - at least once :)
It is important to us that your loan approval, vehicle selection, vehicle purchase and loan funding are as fast and efficient as possible. That all starts with having the right information for the underwriter to review.
We ordinarily work on loan applications in the order received, but if you are in need of a vehicle IMMEDIATELY, we can prioritize your loan. Just CALL US NOW so we know to rush your approval!
The following are documents that are typically required to fund auto loans for our customers. THERE ARE EXCEPTIONS, so if you have an issue LET US KNOW. Do not just assume your loan is dead because you cannot provide one of the documents. Now that we have that out of the way, here is the list:
PROOF OF INCOME
90% of loans require valid Proof of Income (POI). You may be an exception to the rule, but we recommend planning ahead when possible. Please start gathering the documents below. Additionally, you can speed up your loan processing time by emailing your income docs to firstname.lastname@example.org with "[LAST NAME] Income" in the subject line.
POI Docs for a normal, W2 Job
POI Doc for Other Income (SS, Disability, Child Support, etc.)
We will also usually need proof that you are going to keep getting the money. Usually, an award letter, divorce decree, or something similar will work. NOT ALL "Other" incomes will have an award letter. If you have a question, just call us. We are experts at figuring out what it takes to finalize your financing.
POI Docs For Self Employed
Sometimes we can use your last 2-years tax returns. The few loan programs that use tax returns to prove income look at Line 31 on Schedule C of your returns. Add up that number for the last two years and divided the total by 24. That number is your average monthly income. Usually, bank statements work better.
PROOF OF RESIDENCE (Proof of Address)
Recent utility bill or cell phone bill, or bank statement in your name, with your physical address listed.
We have some "workarounds" with certain loan programs, in the event that proving where you live is difficult. Just let us know.
VALID DRIVER’S LICENSE
There are some exceptions here, but if you do not have a driver's license, you should call us.
Proof of Full Coverage Insurance (we can help you get if necessary)
Title and Registration to your trade-in.
Oh, and don't forget to bring the trade-in vehicle. :-)
How to Browse Vehicles
Here are the easy access links for New Inventory and Used Inventory on our site. REMEMBER, this is only about HALF of the available vehicles. If you are looking for something specific, we may have it.