topic Re: Any car loan approval without income verification or proof of income? in Auto Loans

Any car loan approval without income verification or proof of income?

Anonymous — Fri, 25 Jan 2013 05:38:29 GMT

Which lender (including bank and CU) will approve car loan without income verification or proof of income? Provided the buyer put about 30-40% down payment.

Re: Any car loan approval without income verification or proof of income?

Paperboy999 — Fri, 25 Jan 2013 12:43:32 GMT

I've never been asked at a dealer for income verification.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Fri, 25 Jan 2013 13:17:21 GMT

Ford Motor Credit wanted pay stubs and I put 10k down payment.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Fri, 25 Jan 2013 15:53:24 GMT

@Anonymous wrote:

Which lender (including bank and CU) will approve car loan without income verification or proof of income? Provided the buyer put about 30-40% down payment.

I only believe no income verification will be neccessary if the buyer has AMAZING credit. You have to think about it like this, the company has to have enough faith that even if you have no income they believe you will make payments, in order for them to override income requirements like W2s or paystubs.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Fri, 25 Jan 2013 15:55:23 GMT

@Paperboy999 wrote:
I've never been asked at a dealer for income verification.

So you are telling me that you have NEVER been asked for W2s or paystubs when purchasing a vehincle. Please tell me where you bought your car so I can make sure to never go there...

Re: Any car loan approval without income verification or proof of income?

sccredit — Fri, 25 Jan 2013 17:35:08 GMT

@Anonymous wrote:
@Paperboy999 wrote:
I've never been asked at a dealer for income verification.
So you are telling me that you have NEVER been asked for W2s or paystubs when purchasing a vehincle. Please tell me where you bought your car so I can make sure to never go there...

I have purchased 8 new cars and have only provided proof of income once, when my credit score was about 560.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Fri, 25 Jan 2013 19:10:27 GMT

Huh, maybe its a regional thing, as I've financed 3 always had to provide some sort of income verification. Anyway it just seems to me like responsible lending procedures, but I stand corrected.

Re: Any car loan approval without income verification or proof of income?

cim — Fri, 25 Jan 2013 22:27:25 GMT

I leased a car early 2012 with dealer's captive lender and no income verification was required. I then purchased another car in late 2012 with a different dealer's captive lender at 0% and nothing down with no income verification. Both vehicles were mid 30K price range.

My FICO was upper 600s in both instances but my auto enhanced FICO was about 750.

Re: Any car loan approval without income verification or proof of income?

bbb3601 — Fri, 25 Jan 2013 23:42:24 GMT

I have only had to provide pay stubs once in 12 car purchases. The one example was with a sub-prime lender. However I would never negotiate a deal expecting not to provide them.

Re: Any car loan approval without income verification or proof of income?

Epcot — Fri, 25 Jan 2013 23:48:56 GMT

I have purchased or leased about 6 cars in the last 10 years and I have never been asked for any income verification. My credit score has ranged from low 600's to high 700's. 4 were new cars where I put 0 down (Leases).

Re: Any car loan approval without income verification or proof of income?

Anonymous — Sat, 26 Jan 2013 05:10:17 GMT

Thanks for all the info.

If I go directly to the lenders without go thru dealer, which lender will probably NOT asking for proof of income? Can I have the name of the bank or CU or any online lenders, Thanks!

Re: Any car loan approval without income verification or proof of income?

StartingOver10 — Sat, 26 Jan 2013 15:54:15 GMT

None. Lenders operate under different criteria than dealerships do. You can't expect to get the better interest rates and the better loan without showing ability to repay (income).

Re: Any car loan approval without income verification or proof of income?

aplast — Sat, 26 Jan 2013 16:56:01 GMT

When I purchased my first car the finance company wanted paycheck stubs. When I refinanced through a CU they asked me how much I make annually and that was it. Its prob a lender to lender thing. Everyone has different procedures.

Re: Any car loan approval without income verification or proof of income?

cim — Sat, 26 Jan 2013 20:40:34 GMT

Not true. Just a few months ago I got 0% with 0 down through a captive lender and no income verification. Furthermore, LTV was > 100% since tax, title, and DMV fees were rolled in.

Re: Any car loan approval without income verification or proof of income?

StartingOver10 — Sat, 26 Jan 2013 23:02:16 GMT

@cim wrote:
Not true. Just a few months ago I got 0% with 0 down through a captive lender and no income verification. Furthermore, LTV was > 100% since tax, title, and DMV fees were rolled in.

Captive lender is the key here. You didn't go to a CU or a bank. That was my point.

The OP was asking about lenders and not dealership financing. Captive lenders mean you go through the dealership like TFS (Toyota Financial Services) or any of the others.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Sun, 27 Jan 2013 23:52:07 GMT

I was recently financed over the phone with Navy Federal Credit Union. They asked me my income, but I didnt have to provide proof. My score was 703.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Mon, 28 Jan 2013 08:50:43 GMT

I have financed probably 12 cars in my time, And the only time I have ever been asked for income was the first and last time I allowed a dealership to do the financing. I don't think the lender wanted the income, I think it was the dealership covering there bases before I filed.

I was however, once asked for proof of income while paying for a car in full with $16K cash.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Sat, 24 Oct 2015 02:55:28 GMT

The original poster was asking for the NAMES of lenders Banks or Dealerships that financed a vehicle without income verification. Not if you were able to or not but a name and example. I know this is an old thread but no one answered the question.

Re: Any car loan approval without income verification or proof of income?

mitchblue — Wed, 04 Nov 2015 18:52:56 GMT

Went through Penfed recently, no income verification. It was a 20k loan.

Re: Any car loan approval without income verification or proof of income?

Anonymous — Sat, 24 Oct 2015 16:21:38 GMT

Audi Financial Services (at dealer) and Capital One did not ask me for income verification. PNC (at bank) also did not, even though they denied me so that doesn't really count. DCU asks for verification.
Scores ~ 720, down payment <20%.