I have a few questions regarding POI. I can provide POI and pay stubs, but I do not deposit my checks in the bank. My question is are they able to look into my account to see if there is a steady deposit of the checks or do they go strictly by my paystubs. If they call my employer they'll be able to verify me, but if they check the bank they won't see a steady deposit.
What all will they require for me to be approved and how quickly are you able to get the loan.
Typically when Auto lenders ask for POI they will strictly go off of your YTD gross earnings from your last paystub to calculate income. They will only ask for bank statements showing the actual deposits if a person is self-employed, recieves hand written pay stubs or a few other situation's. They will also call and verify your employment with your employer and typically ask if you are currently employed, your start date, verify YTD earnings, and typical hours worked and pay rate per pay period.
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