Re: bRe: Excellent credit but unemployed
. Can I still get a car loan?
01-18-2013 09:53 AM
If you work directly with one bank they might ask for proof of income like regular bank deposits showing you have a consistent flow of money. They can be sticky about that. If you work on financing at a dealership they probably will not ask for that information because they are working to do whatever they can to put you in a car. I can say this from my very recent personal experience. I had to provide lots of info to my CU to get an approval. I brought this preapproval to the dealer at buying time but gave the dealership a chance to do better. They did do better and did not ask me for a bunch of proof documents.
Interesting, Acura vis a vis Honda certainly asked for my proof of income, but admittedly I wasn't in a pretty FICO land to begin with there. Dealers typically don't arrange the financing themselves, usually at least for reputable ones it's shopped to various lenders who may indeed have the requirement to demonstrate income.
I think it can be done anyway, a possible alternative to bringing paystubs, try with your the last two year's tax returns and that can demonstrate income (typical route for the self-employed) as well.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
Goal Score: 680 in all three (01/01/14)
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