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

Valued Member

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

 

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!

 

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Message 11 of 81
Moderator

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

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).

Message 12 of 81
Regular Contributor

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

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.

Message 13 of 81
Established Member

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

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. 

Message 14 of 81
Moderator

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


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. 


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.

Message 15 of 81
Member

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

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. 

Message 16 of 81
Member

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

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.

Message 17 of 81

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

The original poster was asking for the NAMES of lenders Banks or Dealerships that financed a vehicle without income verification. Not if you were able to or not but a name and example. I know this is an old thread but no one answered the question.

Message 18 of 81
Valued Contributor

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

Went through Penfed recently, no income verification. It was a 20k loan. 

 

Amex Green • Amex BCP • Amex HH (Surpass®) • Barclay Rewards • Chase World of Hyatt • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $92,130 • Car Loan (PENFED) 1.99%

FICO® 8 Scores 790+
Message 19 of 81
Frequent Contributor

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

Audi Financial Services (at dealer) and Capital One did not ask me for income verification. PNC (at bank) also did not, even though they denied me so that doesn't really count. DCU asks for verification.
Scores ~ 720, down payment <20%.
Current Scores: No idea. 700-something?
Some Chase cards, some Citi cards, also Discover and AMEX. PNC, too. Probably $100K total credit or so.
Message 20 of 81