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Regular Contributor
SantaMar
Posts: 117
Registered: ‎03-04-2012
0

new baby new car!

does every auto lender need paystubs to verify?  my wife earns close to 130k a year.  i earn less then her but between both of us we have close to 6 figures saved...liquid.  considering we have a baby on the way we dont want to dip into our savings to get a new car.  however, she might decide to take time off work for 6 months to raise our child.  anyway she can get a loan with verification considering her savings/fico/debt??  my borrowing power is limited becase of our primary house note so me cosigning is out of the picture. we are looking in the 18-22k loan range.  we can put down money and we have a trade in...but getting a loan would be real help!!!  if all else fails we might have to go the credit card route!

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Revelate
Posts: 9,750
Registered: ‎12-30-2011
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Re: new baby new car!


SantaMar wrote:

does every auto lender need paystubs to verify?  my wife earns close to 130k a year.  i earn less then her but between both of us we have close to 6 figures saved...liquid.  considering we have a baby on the way we dont want to dip into our savings to get a new car.  however, she might decide to take time off work for 6 months to raise our child.  anyway she can get a loan with verification considering her savings/fico/debt??  my borrowing power is limited becase of our primary house note so me cosigning is out of the picture. we are looking in the 18-22k loan range.  we can put down money and we have a trade in...but getting a loan would be real help!!!  if all else fails we might have to go the credit card route!


Paystubs or tax returns are the two common forms of establishing income.  They may need to get the IRS version (I've never been self-employed when financing a car) but if your wife is making 130k a year assuming her credit report is up to snuff it really shouldn't be a problem getting financing.  Depending what's in her credit profile would determine if a downpayment is required, but 130k on a 22k note is not a problem generally.

 

Is there something preventing you from being able to verify your wife's income?

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Regular Contributor
SantaMar
Posts: 117
Registered: ‎03-04-2012
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Re: new baby new car!

i know that 22k note on a 130k salary isnt difficult to get approved....if she takes time off from working she wont have a paystub.. she wont have any current earnings....i feel as though no matter what she has earned and what she has saved, she will look (and technically be) unemplyed to the lender.

Moderator
Revelate
Posts: 9,750
Registered: ‎12-30-2011
0

Re: new baby new car!


SantaMar wrote:

i know that 22k note on a 130k salary isnt difficult to get approved....if she takes time off from working she wont have a paystub.. she wont have any current earnings....i feel as though no matter what she has earned and what she has saved, she will look (and technically be) unemplyed to the lender.


Use the tax return route then :smileyhappy:.

 

Or see about pushing up the purchasing timeline to where she can still show recent paystubs.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
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Re: new baby new car!

[ Edited ]

My last auto purchase was verified by bank statements. I had a pre-qual from USAA and they didn't ask for any form of income verification, but went with the dealer for 0% financing.

 

I would say you won't have a problem. It is in the dealers best interest to get you approved, so they will find a way.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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Established Member
genmic
Posts: 27
Registered: ‎03-03-2012
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Re: new baby new car!

Is your wife going to take extended leave but remained employed? If not, your issue will not be with income verification. 99% of auto lenders are going to require the applicant be currently employed.

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