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I'm on these boards usually in the rebuild section but I was asked by my Godsister to help her purchase her first car. Came to the trusty boards and this is where we ended:
About her:
30's
No credit - No Score - No Cosigner
$1,600 income
About the car:
2012 Nissan Altima
$9,500 Base cost
$10,775 Out the door
$12,500 truecar.com value
Finance Terms:
DCU
$9,500 Approved
$3,000 Planned Down Payment
Actual:
$8,620 Loan
$2,155 Down payment
65 Months
6.24% Interest rate
$157 a month payment
Car Insurance:
2 cars (nissan + jalopy), 2 drivers with more than basic liability, comp/collision $120 a month
Congratulations to her
Question for you: Did they require her to show proof of income (W2s, pay stubs, bank statements, etc)? Thanks in advance