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Hi, I was wondering how Carmax or Roadloads verifies your income?
I had called Roadloans and before I kept getting disconnected, they told me that I would 3 months of personal bank statements to prove my income (being an independent contractor).
The question I have are:
1. I have received payments on a prepaid debit card. Do they accept print outs of these statements along with bank statements?
2. Do they call and verify your income with your bank? I'm just worried because in the past three months I have received more money on my card, and they don't even really have a number you can call.
3. I'm guessing a print out of my earnings wouldn't help either? Would they verify that as well? (Same situation; no number to call)
Sorry if this all seems weird, but if there is a number to call (for debit card) it's an automated deal. For the site I work on, you can only contact them by email.
Thanks.
3 months? wow, allt he places I applied at only require two pay stub.
@tonyjones wrote:3 months? wow, allt he places I applied at only require two pay stub.
See, online they told me they'd only need a month's worth of earnings, but I guess when I called, they said they needed 3 bank statements.
And I guess roadloans doesn't need to call and verify. They just need to see the money coming into your account.
I would apply at your local credit union or dealership. Every place denied me, honda financing approved me but they required two pay stubs and proof of residency! it was so easy!!!!!!
I went thru roadloans and they called my employer to verify my salary and time of employment. I had terrible credit. I think my fico scores were around 525 at the time. I had them for a year now and no problems... I have a high interest rate which is expected though.
@anca21bi wrote:I went thru roadloans and they called my employer to verify my salary and time of employment. I had terrible credit. I think my fico scores were around 525 at the time. I had them for a year now and no problems... I have a high interest rate which is expected though.
Ohhh, I see. Well, I asked them and they said they didn't... so I have no idea? I'm an indepedent contractor (self-employed). I just work through a site. There's no way they can confirm earnings on that site... so I hope that doesn't cause a problem and they can just decide based on my bank statements.
3 months of bank statement only applies to those who are self employed... if you are working for a company any paystubs within 30 days will do... other documents Carmax will take for self employ would be: 1099 forms, tax returns for the last 2 years, schedule C for last 2 years. If you add a cosigner they might do away with the POI