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

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

Thaks for your replies!

 

 

Message 21 of 87
Valued Member

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

Any idea what a bmw dealership asks for when it comes to a lease?   And separate...any idea what bmw financial ask for when taking over a lease?  I spoke with them and they said what they approve has no connection or relation to the delaership.  If my lease take-over deal doesn't go through, they said I would not be able to take that approval to the dealership as each dealership has to process their own app. 


“Life is like photography. You need the negatives to develop."
FICO EQ: 673, TU: 712, EXP: 773
Message 22 of 87
Regular Contributor

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

i buy/lease often, and I've never had my income verified

FICO 8 - 849
Message 23 of 87
Established Contributor

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

It really depends on your whether your self employed, your stated income, the amount requested, your previous high credit for other auto loans and your current overall debt versus limits.

If there is nothing to indicate you can't afford the new debt to an underwriter and you've borrow this much without issues in the past they won't ask for proof of income.

With this kind of down payment, you may get a automatic (computer) approval and those aren't usually a stipped for income. Auto approvals often happen regardless of approval tier and score.
Message 24 of 87
Valued Member

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

thanks for feedback. i appreciate it


“Life is like photography. You need the negatives to develop."
FICO EQ: 673, TU: 712, EXP: 773
Message 25 of 87
Frequent Contributor

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

You post reminded me I was not asked for any income verification when I went to dealership.  I walked out with a Mercedes Benz  at 2.49% with no downpayment. 

Message 26 of 87
New Contributor

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

Income verification really depend on ur credit score and credit history.. All credit app will ask what's ur income but if u have a decent enough score they won't ask for income verification
Message 27 of 87
Valued Member

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

Thanks for the feedback.  Would be great if I could walk out with a deal like that.  Benz.. No down. Sweet.  I'll find out how it goes in this next month.  Hopefully it's as smooth as you guys say.  Thanks


“Life is like photography. You need the negatives to develop."
FICO EQ: 673, TU: 712, EXP: 773
Message 28 of 87
New Contributor

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

If that's ur actual score on bottom of profile u shouldn't have a problem.. Assuming it's strong score meaning u have installment loan and depend and amount u want financed.. I got a 199800 car loan without income verification but I also have a strong 810 score with long history of installment loan at time of purchase of that vehicle I have 12 installment loans already currently I have 18 installment loan

Message 29 of 87
Valued Member

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


Discus510 wrote:

If that's ur actual score on bottom of profile u shouldn't have a problem.. Assuming it's strong score meaning u have installment loan and depend and amount u want financed.. I got a 199800 car loan without income verification but I also have a strong 810 score with long history of installment loan at time of purchase of that vehicle I have 12 installment loans already currently I have 18 installment loan


Yes the scores in my signature are correct.  My experian just bumped up to 809 from 712 yesterday. I only had one card and I was approved for the other two cards yesterday. Somehow those two amex cards changed my Exp score dramatically.  On my AAOA, I'm not really too sure. I still haven't gone as far as getting a handle on that. I have old mortgage acct, old car loan acct, 40k in student loans, but I really need to nail down the specific accts I have, their age and their contibution to my credit.  This is where I'm a little lost.  Im 37 so it's not like It's new credit, but I did have some trouble in the past, no activity for few years, then started rebuilding again in 2012. 


“Life is like photography. You need the negatives to develop."
FICO EQ: 673, TU: 712, EXP: 773
Message 30 of 87