What documents are required to qualify for a cash-out car loan refinancing?

Cash-out car refinancing allows you to refinance your existing car loan while taking out extra cash against your vehicle's equity. While requirements may vary, here’s a general idea of the documents often needed to complete the process:

• Proof of Identity: A government-issued ID, such as a driver’s licence or passport, to confirm your identity is usually required.
• Proof of Income: Recent pay stubs, Income tax returns (ITRs), or bank statements to show that you have a steady source of income.
• Vehicle Information: Documents like the car’s registration, title (if available), and insurance papers are required. These verify ownership and ensure the vehicle meets refinancing eligibility.
• Proof of Residence: A utility bill, lease agreement, or other documents showing your current address is required.
• Credit Information: Authorisation to check your credit report is required. It’s a key step in assessing your financial history.
• Existing Loan Details: A copy of your current loan agreement to provide information about the remaining balance and terms of the loan is required.
• Additional Documents: In some cases, additional paperwork may be needed. One example of such paperwork is evidence that there are no legal claims or debts (liens) against the vehicle you want to buy.

Make sure your paperwork is up-to-date, legible, and matches the details of your application in order to avoid delays.