topic Re: Car loan with no income verification? in Auto Loans

Car loan with no income verification?

IntegerIntrovert — Fri, 12 Mar 2021 03:39:56 GMT

Can anyone recommend a lender (not a CU) preferably a national or dealer network for a no income verification auto loan? Looking at new Tesla/Jeep/Hyundai's

All auto scores above 750

10k down against 40k-50k after tax.

Thanks in advance!

Re: Car loan with no income verification?

Brian_Earl_Spilner — Fri, 12 Mar 2021 03:47:47 GMT

I've literally never had to show income for a loan.

Re: Car loan with no income verification?

CH-7-Mission-Accomplished — Fri, 12 Mar 2021 03:55:12 GMT

@Brian_Earl_Spilner wrote:
I've literally never had to show income for a loan.

This^

I have never been asked for VOI for any credit card or loan since I filed BK 7 -- in fact prior to that the only time I was ever asked for VOI was on a mortgage loan. With 25% down and a 750 (real FICO score) you should focus on which car you want. I would never encourage anybody overstating their income, but be aware that your stated income needs to support the requested loan.

Re: Car loan with no income verification?

4sallypat — Fri, 12 Mar 2021 14:19:17 GMT

Try Capital One Auto Navigator SP - they will tell you how much you can borrow as well your rate - new or used...

Re: Car loan with no income verification?

Brian_Earl_Spilner — Fri, 12 Mar 2021 14:23:15 GMT

@4sallypat wrote:
Try Capital One Auto Navigator SP - they will tell you how much you can borrow as well your rate - new or used...

They've been known to ask for paystubs

Re: Car loan with no income verification?

Anonymous — Fri, 12 Mar 2021 21:39:34 GMT

@Brian_Earl_Spilner wrote:
I've literally never had to show income for a loan.

^ Same

When I worked at a car dealership I can only think of one instance of a customer with a prime score needing to provide proof of income. If your scores were sub-prime then income verification would likely be needed, in addition to references. With a 750 FICO score you shouldn't need to provide proof of income. We financed my truck through Chrysler Capital before I left the dealership and they accepted my wife's income even though she hadn't started her new job yet (employment contract was signed).

Re: Car loan with no income verification?

disdreamin — Fri, 12 Mar 2021 22:43:54 GMT

The only auto loan I've ever had to show income info for (paystubs) was one through a credit union. All the others they've pulled FICO scores and I've signed, that's it.

Re: Car loan with no income verification?

dunn2500 — Sat, 13 Mar 2021 04:10:48 GMT

with 665 score and above i have never been asked for income and bought 3 new vehicles.....payment history was 100% though and nothing bad on report.....just short history

why dont you want to use credit union?.....they are awesome, idk if i ever wouldnt consider them

Re: Car loan with no income verification?

Anonymous — Sat, 13 Mar 2021 16:38:45 GMT

I didn't have to show income on my latest vehicle purchase. But this also isn't my first auto loan with DCU.

Re: Car loan with no income verification?

barca — Sat, 13 Mar 2021 16:58:39 GMT

I have never been asked to provide POI for any auto loan too.

That might be becuase I have existing relationship with the banks (cap one /BOA)

but it is better to be prepared for the worst case scenario - they might ask.

just becuase others have been lucky or you have high credit score does not negate the standard requirement for POI.

imho -

if you have existing relationship with a bank like checking/savings - that will be your best bet for the auto loan

They are likely not to request POI.

Re: Car loan with no income verification?

Anonymous — Sat, 13 Mar 2021 21:40:29 GMT

@IntegerIntrovert wrote:
Can anyone recommend a lender (not a CU) preferably a national or dealer network for a no income verification auto loan? Looking at new Tesla/Jeep/Hyundai's

All auto scores above 750
10k down against 40k-50k after tax.

Thanks in advance!

I have took auto loans from NMAC, Toyota financial, Honda financial, Capital One, BB&T, and PenFed never asked for income prove. Penfed probably didn't ask because I get my direct deposit with them.

Re: Car loan with no income verification?

disdreamin — Sat, 13 Mar 2021 21:47:32 GMT

@Anonymous wrote:
@snip>

I have took auto loans from NMAC, Toyota financial, Honda financial, Capital One, BB&T, and PenFed never asked for income prove. Penfed probably didn't ask because I get my direct deposit with them.

What you posted made me realize why my CU probably made me verify my income. I only have $500 per pay period deposited to the CU biweekly, the rest is split between two other banks. I didn't even think of that! It's likely that if my net/full paycheck had gone into my CU account they wouldn't have pushed for income verification. Duh, that never even occurred to me.

Re: Car loan with no income verification?

Anonymous — Sun, 14 Mar 2021 00:18:06 GMT

@disdreamin wrote:
@Anonymous wrote:
@snip>

I have took auto loans from NMAC, Toyota financial, Honda financial, Capital One, BB&T, and PenFed never asked for income prove. Penfed probably didn't ask because I get my direct deposit with them.
What you posted made me realize why my CU probably made me verify my income. I only have $500 per pay period deposited to the CU biweekly, the rest is split between two other banks. I didn't even think of that! It's likely that if my net/full paycheck had gone into my CU account they wouldn't have pushed for income verification. Duh, that never even occurred to me.

Yea since they can't confirm your income with partial deposit. PenFed never asked me income proof for car or credit cards.

Re: Car loan with no income verification?

Loquat — Sun, 14 Mar 2021 16:12:35 GMT

Like others have mentioned, most dealers/lenders don't require proof of income as long as enough information in your credit report makes sense to them and the lender as well.

But please know that as a former Finance Manager, I can tell you there are MANY times when the I and the lender would stip the customer for income verification. There were also many times where we'd do employment verification as well.

A lot of a person's story can be told by looking at their credit report. I'll give you an example of when a lender (or myself) would stip a customer for income verification.

If a customer claims on their app that they're making $80k per year but you can see from the report that they're making minimum payments on credit cards...even more so if they're making low payments on low limit credit cards.

If there were recent defaults (within a year) lots of inquiries, etc...we'd start asking questions because things aren't quite adding up.

Right before I left the dealership and moved on from auto financing we were starting to rely heavily on things like TheWorkNumber that would verify income and employment for lots of folks so then the guess work of if they're being truthful was all bit eliminated.

Re: Car loan with no income verification?

Anonymous — Tue, 16 Mar 2021 02:57:55 GMT

@Loquat wrote:
Like others have mentioned, most dealers/lenders don't require proof of income as long as enough information in your credit report makes sense to them and the lender as well.

But please know that as a former Finance Manager, I can tell you there are MANY times when the I and the lender would stip the customer for income verification. There were also many times where we'd do employment verification as well.

A lot of a person's story can be told by looking at their credit report. I'll give you an example of when a lender (or myself) would stip a customer for income verification.

If a customer claims on their app that they're making $80k per year but you can see from the report that they're making minimum payments on credit cards...even more so if they're making low payments on low limit credit cards.

If there were recent defaults (within a year) lots of inquiries, etc...we'd start asking questions because things aren't quite adding up.

Right before I left the dealership and moved on from auto financing we were starting to rely heavily on things like TheWorkNumber that would verify income and employment for lots of folks so then the guess work of if they're being truthful was all bit eliminated.

Also, it helps if a person already had auto loans paid off/on time in the past in the credit report. I recall the very first time I brought the car, they asked me for POI. The reason for this is that in the credit report if you never had an auto loan in the past, that would make the lender a little bit nervous. Since I had 2 auto loans in the past, the dealerships don't bother asking for POI. That's I think it a good benefit of having prior history of auto loans.

Re: Car loan with no income verification?

dunn2500 — Sun, 21 Mar 2021 22:33:50 GMT

i dont even bank with pen fed ( savings acct with $10) and havent been asked for POI.....think its the picture of your credit profile and score that either warrants or doesnt a POI.....while my score was good (not exceptional)....have long history at work and residency along with prior loans paid off and stellar payment history......even with 665 score at navy and only 7 months history on auto payments they didnt ask for POI...nothing bad on my credit recently either so, 1 late from yrs ago that has fallen off .

Re: Car loan with no income verification?

355F1 — Wed, 24 Mar 2021 19:10:38 GMT

I just financed a 2021 Lexus LC 500 Convertible with Lexus Financial for a loan amount of $108,000 and nobody verified my income. (0% for 60 months, to boot!)

Auto loans are all about credit scores, my friend.

Re: Car loan with no income verification?

Anonymous — Wed, 24 Mar 2021 21:21:32 GMT

@355F1 wrote:
I just financed a 2021 Lexus LC 500 Convertible with Lexus Financial for a loan amount of $108,000 and nobody verified my income. (0% for 60 months, to boot!)

Auto loans are all about credit scores, my friend.

That and any prior auto loan history.

Re: Car loan with no income verification?

disdreamin — Thu, 25 Mar 2021 01:22:37 GMT

@355F1 wrote:
I just financed a 2021 Lexus LC 500 Convertible with Lexus Financial for a loan amount of $108,000 and nobody verified my income. (0% for 60 months, to boot!)

Auto loans are all about credit scores, my friend.

Unfortunately that isn't always true. The situation where I was asked to verify income didn't have anything to do with scores - my TU Classic 04 at the time was 809 and my FICO 08 scores at the time were mid-800's. I can't recall if they were 850's across the board, but if they weren't they were all within 5-10 points of it. The CU still wanted income verification, and I'm not sure how much better the scores could have been.

Re: Car loan with no income verification?

disdreamin — Thu, 25 Mar 2021 01:24:31 GMT

@Anonymous wrote:
@355F1 wrote:
I just financed a 2021 Lexus LC 500 Convertible with Lexus Financial for a loan amount of $108,000 and nobody verified my income. (0% for 60 months, to boot!)

Auto loans are all about credit scores, my friend.
That and any prior auto loan history.

To this point, I had two blemish-free PIF auto loans through Honda showing on my reports at that time (my app for the new loan was in late 2014 and one previous loan was initiated in 2010 and one in 2012). It seems CU are their own beasties haha