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Valued Member
jchu2013
Posts: 44
Registered: ‎01-12-2013

Any car loan approval without income verification or proof of income?

 

Which lender (including bank and CU) will approve car loan without income verification or proof of income? Provided the buyer put about 30-40% down payment.

 

 

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
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New Contributor
Paperboy999
Posts: 73
Registered: ‎10-06-2012

Re: Any car loan approval without income verification or proof of income?

I've never been asked at a dealer for income verification.
11/09 EX 564
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Regular Contributor
SE7EN57
Posts: 177
Registered: ‎12-08-2012

Re: Any car loan approval without income verification or proof of income?

Ford Motor Credit wanted pay stubs and I put 10k down payment.

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Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012

Re: Any car loan approval without income verification or proof of income?


jchu2013 wrote:

 

Which lender (including bank and CU) will approve car loan without income verification or proof of income? Provided the buyer put about 30-40% down payment.

 

 


I only believe no income verification will be neccessary if the buyer has AMAZING credit. You have to think about it like this, the company has to have enough faith that even if you have no income they believe you will make payments, in order for them to override income requirements like W2s or paystubs.

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012

Re: Any car loan approval without income verification or proof of income?


Paperboy999 wrote:
I've never been asked at a dealer for income verification.

So you are telling me that you have NEVER been asked for W2s or paystubs when purchasing a vehincle. Please tell me where you bought your car so I can make sure to never go there...

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
Established Contributor
sccredit
Posts: 774
Registered: ‎09-14-2012

Re: Any car loan approval without income verification or proof of income?


ImprovingYouth wrote:

Paperboy999 wrote:
I've never been asked at a dealer for income verification.

So you are telling me that you have NEVER been asked for W2s or paystubs when purchasing a vehincle. Please tell me where you bought your car so I can make sure to never go there...


I have purchased 8 new cars and have only provided proof of income once, when my credit score was about 560.

Mortgage $296k/$310k
Autos Loans $29k
Unsecured Lines $167.2k

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Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012

Re: Any car loan approval without income verification or proof of income?

Huh, maybe its a regional thing, as I've financed 3 always had to provide some sort of income verification. Anyway it just seems to me like responsible lending procedures, but I stand corrected.

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
Member
cim
Posts: 20
Registered: ‎04-26-2012

Re: Any car loan approval without income verification or proof of income?

I leased a car early 2012 with dealer's captive lender and no income verification was required.  I then purchased another car in late 2012 with a different dealer's captive lender at 0% and nothing down with no income verification.  Both vehicles were mid 30K price range.

 

My FICO was upper 600s in both instances but my auto enhanced FICO was about 750.

Frequent Contributor
bbb3601
Posts: 327
Registered: ‎01-26-2012

Re: Any car loan approval without income verification or proof of income?

I have only had to provide pay stubs once in 12 car purchases. The one example was with a sub-prime lender. However I would never negotiate a deal expecting not to provide them. 

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Valued Contributor
Epcot
Posts: 2,777
Registered: ‎10-10-2012

Re: Any car loan approval without income verification or proof of income?

I have purchased or leased about 6 cars in the last 10 years and I have never been asked for any income verification. My credit score has ranged from low 600's to high 700's. 4 were new cars where I put 0 down (Leases).

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