Auto Loans

[jchu2013]

Thanks for all the info.

If I go directly to the lenders without go thru dealer, which lender will probably NOT asking for proof of income? Can I have the name of the bank or CU or any online lenders, Thanks!

[StartingOver10]

None. Lenders operate under different criteria than dealerships do. You can't expect to get the better interest rates and the better loan without showing ability to repay (income).

[aplast]

When I purchased my first car the finance company wanted paycheck stubs. When I refinanced through a CU they asked me how much I make annually and that was it. Its prob a lender to lender thing. Everyone has different procedures.

[cim]

Not true. Just a few months ago I got 0% with 0 down through a captive lender and no income verification. Furthermore, LTV was > 100% since tax, title, and DMV fees were rolled in. 

[StartingOver10]

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cim wrote:

Not true. Just a few months ago I got 0% with 0 down through a captive lender and no income verification. Furthermore, LTV was > 100% since tax, title, and DMV fees were rolled in. 

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Captive lender is the key here. You didn't go to a CU or a bank. That was my point. 

The OP was asking about lenders and not dealership financing. Captive lenders mean you go through the dealership like TFS (Toyota Financial Services) or any of the others.

[WalkThisWay]

I was recently financed over the phone with Navy Federal Credit Union. They asked me my income, but I didnt have to provide proof.  My score was 703. 

[4thmouse]

I have financed probably 12 cars in my time, And the only time I have ever been asked for income was the first and last time I allowed a dealership to do the financing. I don't think the lender wanted the income, I think it was the dealership covering there bases before I filed.

I was however, once asked for proof of income while paying for a car in full with $16K cash.