Please review this chart for the documents required for the loan applications.
In addition to the documents above, applicants should have an email address and phone number and provide a U.S Bank account information and voided check/direct deposit form.
You may apply for an auto loan with a learner's permit and receive the pre-approval letter. However, for an approved auto loan, you need to have a valid driver's license and secure and maintain comprehensive + collision +uninsured motorist coverage with policy limits of at least 75% of the car's resale value.
For a business loan, there are additional items required:
- Two most recent monthly bank statements (personal and business)
- Two most recent pay stubs OR two months of verifiable business income statements
- Previous year's tax return (personal and business)
- Business license, Articles of Incorporation, EIN if available
- Business plan and 12-month business cash flow projections depending on the loan size
- Other supporting documents such as sales reports, invoices, financial statements, etc. if available
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