topic If I have credit limit of $10,000 with utility of 30% would I need to show proof of income.. in Auto Loans

If I have credit limit of $10,000 with utility of 30% would I need to show proof of income..

BetterTomorrow — Fri, 27 Jul 2012 17:26:04 GMT

to lease a car? Or does the utility have to be 0%? I have paid for a car before but it was under someone elses name due to my having low credit scores back then so it doesn't show up on my credit report. My scores being over 700 now, will they let me lease a car without me showing them proof of income? I'm in California by the way. Thanks for your help.

Re: If I have credit limit of $10,000 with utility of 30% would I need to show proof of income..

Anonymous — Fri, 27 Jul 2012 18:25:55 GMT

I guess I just HAVE to ask... why are you hiding/not showing your income?

Re: If I have credit limit of $10,000 with utility of 30% would I need to show proof of income..

pizzadude — Fri, 27 Jul 2012 21:42:02 GMT

Part of the approval process is determining your DTI ratio. Regardless of your debts you'll still have to state and prove your income, probably they will ask for your most recent paystubs.

Re: If I have credit limit of $10,000 with utility of 30% would I need to show proof of income..

BetterTomorrow — Fri, 27 Jul 2012 22:45:30 GMT

What makes you think I'm hiding my income Fruitrican? Please do not judge people, everyone can't be as wealthy as you...

Anyway, I'm a freelance worker and I don't get paycheck stubs like a regular employee. And since I didn't make that much the past few years, I don't know if my tax papers will be sufficient enough. What are my options?

Re: If I have credit limit of $10,000 with utility of 30% would I need to show proof of income..

GregB — Mon, 30 Jul 2012 16:52:20 GMT

If you are employed they will use recent pay for income.

If you are self-employed, they will use tax returns.

If you made very little on your last tax return but are making more now, you won't have an easy way to prove that. Any freelance or business income will normally be erratic so they will expect to average your income over a long period of time. They may want one tax return or they may want to average two or even three.

Very good credit scores and a long history will get you around these requirements and they may just use your stated income.

Re: If I have credit limit of $10,000 with utility of 30% would I need to show proof of income..

Cellice — Mon, 30 Jul 2012 17:17:08 GMT

It also depends which bank you are leasing the car from. They all have different requirements. I just leased a Cadillac with Ally Bank and they did not request proof of income. My score was 720. I received tier 1 financing without any problem.

I would however recommened you get your utilization below 10%. Previously when I was self-employed and did not have tax documents (1st year self-employed) I used bank statements to demonstrate proof of income.