topic Re: Is there a lender who provides no income verification car loan? in Auto Loans

Is there a lender who provides no income verification car loan?

Red1Blue — Sun, 05 Sep 2021 09:18:55 GMT

Is there a lender or place who provides no income verification car loan?

Re: Is there a lender who provides no income verification car loan?

KangiCosmos — Sun, 05 Sep 2021 10:08:57 GMT

Me and my son seperately were approved for a Capital Auto Navigator loan. No proof of income needed. I have read some needed proff of income. I did not take the offer though. I was just seeing if I qualified. It is a pre-qualify with out a ding to your credit.

My son did take the loan offer. Searched online at Captial ones Auto site auto site for the vehicle he wanted. He wanted to buy from a certain dealership since his car broke down and was at that dealerships auto repair shop. He traded is non-woking Terrain with blown engine in (That he still owed $5000 on), traded it in and used the Capital one loan. The tool on the Capital One site lets you put in all that data to see which car and for how much done you need to Purchase it. So his payoff for the other car was added to his Capital one loan. He purchased the car 3 weeks ago. Time of qualifying for the loan on Capital one and input all info, printed Capital approval letter, went to dealership with it. Drove off with the car the next day. He never needed to show proof of income.

We do have Capital One credit cards thouhg So maybe since we have a history the didn't ask for proof of income I think it might only ask for proof of income if you mark self employed while filling aut the application. I'm not really sure.

Re: Is there a lender who provides no income verification car loan?

TattnallTrio — Sun, 05 Sep 2021 15:08:12 GMT

My credit score was in the mid 600's and I bought a new Hyundai and didn't have to show proof of income. I don't know what would happen if a place pulls The Work Number by Equifax that looks at our payroll data (not very likely) or if they manually call the employer you have listed and ask details... if we give fudged information, would they repo the car? Or allow you to continue paying?

Re: Is there a lender who provides no income verification car loan?

Jannelo — Sun, 05 Sep 2021 18:06:53 GMT

Capital One Auto Navigator didn't request POI from me. If you are self-employed, I believe they do want three check stubs. I'm not sure.

Re: Is there a lender who provides no income verification car loan?

dunn2500 — Sun, 05 Sep 2021 20:38:35 GMT

ive had 3 loans thru credit unions without POI.....they did ask for income on application but didnt have to prove it....

Re: Is there a lender who provides no income verification car loan?

Red1Blue — Mon, 06 Sep 2021 01:52:42 GMT

My situation is bit unique and unusual. I have a nice Toyota Camry. I gave it away as a gift to my daughter before I went overseas. Every thing is disrupted due to Covid. Loss off job and income. I have been overseas for last few months. I'll be returning to US soon and have to find a car. Find a new job or projects which I'll find soon. I am trying to co-ordinate every thing before I return to US. Fortunately I have some savings and I can afford to buy a nice used car paying cash. My initial thought is to rent a car for a month or two and then try to buy a used car. Or finance a new /used newer model car. That is why I am looking at finance options.

Re: Is there a lender who provides no income verification car loan?

Gmood1 — Mon, 06 Sep 2021 02:27:31 GMT

@Red1Blue

A brother was in a similar situation.

Worked over seas, left that job, but lived in a different country for a while because of the taxes in US, before coming back to the States and settling in.

Obtained his auto loan through Penfed without issue. Bought a new vehicle and financed it. POI wasn't requested.

He could have paid cash for it. But didn't see the need.

I've never seen USAA, Penfed or Navy Fed request POI.

Re: Is there a lender who provides no income verification car loan?

Brian_Earl_Spilner — Mon, 06 Sep 2021 02:35:13 GMT

Any lender can provide a loan without verification. What triggers it is how much money you make, where it comes from, DTI, and length of employment, typically.

Re: Is there a lender who provides no income verification car loan?

Red1Blue — Mon, 06 Sep 2021 04:56:59 GMT

@Brian_Earl_Spilner wrote:
Any lender can provide a loan without verification. What triggers it is how much money you make, where it comes from, DTI, and length of employment, typically.

Thanks @Brian_Earl_Spilner I am more leaning towards paying cash and buy a nice used car and keep it for few years with out worrying about the payments and new loan account and new inquiries and fico scores. I just want to know what other options are available just incase if I need some other options.

Re: Is there a lender who provides no income verification car loan?

LakeLife — Fri, 10 Sep 2021 16:19:40 GMT

I've never had to prove income for a car loan and have had probably 10 or 12 over the years. I am sure though, it depends on your circumstances and credit profile.

Re: Is there a lender who provides no income verification car loan?

disdreamin — Fri, 10 Sep 2021 20:23:38 GMT

The only auto loan I've ever had to show proof of income for was with a credit union. All the financing I've ever done through dealerships and their captive lenders has been done with nothing more than a signature and credit pull.

Re: Is there a lender who provides no income verification car loan?

dunn2500 — Sat, 11 Sep 2021 04:00:20 GMT

ive bought new last 2 years in a row because used truck prices were same as new, or close enough it didnt make sense.......used cars are a premium right now.....just something to consider

yeah Navy and Pen Fed never asked for POI and my score was 665 the first loan.......I did have long work/residency history though and self employed