Why is a driver's license required for financing a car?

1 Answers
BethanyAnn
07/30/25 10:30am
Financing a car does not necessarily require a driver's license, but banks generally request to see one because they typically only allow the borrower themselves to take out an auto loan, in order to reduce the bank's risk. The specific materials required for an auto loan are as follows: 1. Identity verification materials: Copy of the applicant's ID card; copy of spouse's ID card (not required if single). 2. Property ownership materials: If you do not own property, you can provide a copy of a friend's property deed as collateral or seek a guarantee from a guarantor company. 3. Proof of residence: Household registration booklet or temporary residence permit. 4. Proof of income materials: Original proof of the applicant's income; original proof of spouse's income. 5. Copy materials: Copy of driver's license.
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