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Valued Member
Posts: 44
Registered: ‎01-12-2013
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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 :
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New Contributor
Posts: 74
Registered: ‎10-06-2012
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Re: Any car loan approval without income verification or proof of income?

I've never been asked at a dealer for income verification.
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Regular Contributor
Posts: 179
Registered: ‎12-08-2012
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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
Posts: 154
Registered: ‎09-21-2012
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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.

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

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Valued Contributor
Posts: 1,252
Registered: ‎09-14-2012
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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.

Never take credit personally

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

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Member
Posts: 21
Registered: ‎04-26-2012
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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
Posts: 328
Registered: ‎01-26-2012
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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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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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