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

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Super Contributor

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

I am building a new business which is in startup stage. Any car loan approval without income verification or proof of income?

Message 1 of 10
9 REPLIES 9
Frequent Contributor

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

That's going to be dependent on your scores and what's on your report. If you have a 730 and paid off car loans in the past, probably most banks would be an automatic approval, no POI needed. If, however you have say a 600, multiple late pays and charge offs, then probably very few banks would not ask for POI, and if you found one that did, the interest rate would not be good. 

Starting Score:Low 500s in 2013
Current Score 5-4-2019: TU: 791 EX: 798 EQ: 772
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 2 of 10
Super Contributor

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


@JGGM wrote:

That's going to be dependent on your scores and what's on your report. If you have a 730 and paid off car loans in the past, probably most banks would be an automatic approval, no POI needed. If, however you have say a 600, multiple late pays and charge offs, then probably very few banks would not ask for POI, and if you found one that did, the interest rate would not be good. 


Right now my scores are around 650 due to high util and I have paid off $58k in Credit Card balaces and brought them down hopefully in the next 4 weeks my scores should go up. I dont know how much score gains need to wait for next few days and see. I have one loan from Toyota and paid off 95% of the loan and keeping the remaning 5% balance to keep the installment loan in my portfolio.  I am in the transition and building the startup and that should get venture capital soon or I'll take a job that would pay at least 150k+. In the mean time I need to find a way to get a reliable car as I gave my present car to my teenage kids who are going to college soon. Worst case I might pay cash and buy a nice used car with out the loan. I am curious to see if there are private or non banking sources which would finance a car with out POI.

Message 3 of 10
Frequent Contributor

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

I can't speak to the private or non-banking sources. But if your utilization comes down and you get closer, you probably should be able to get a reasonable auto loan without POI. 

Starting Score:Low 500s in 2013
Current Score 5-4-2019: TU: 791 EX: 798 EQ: 772
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 4 of 10
Super Contributor

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


@JGGM wrote:

I can't speak to the private or non-banking sources. But if your utilization comes down and you get closer, you probably should be able to get a reasonable auto loan without POI. 


Thank you very much. I am truly hoping to recover my scores. I used to be in the 800 club before I started school and higher education. Now my scores are in 660's and maxed out cards. I am trying to clean things up and hoping for the improvement in the scores. Keeping my fingers crossed for next 4 weeks for the balances to update and hoping to gain at least 30 points to gain the "GOOD" category. Waiting game is hard and hoping for the best.

Message 5 of 10
Valued Contributor

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

Income verification varies from creditor to creditor and based on scores.  It seems that generally if your scores are 650 or higher the chances of income verification requirements drops quite a bit, I assume number of accounts etc are factors also.  I recently financed a car through Penfed and they didn't require any income verification, it was a 20k loan on a 57k car so that might have been a factor also.   I know that once your in the 700's chances are very low that you will need to provide any income verification for a car loan.

Message 6 of 10
Super Contributor

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

 


@workingfor850 wrote:

Income verification varies from creditor to creditor and based on scores.  It seems that generally if your scores are 650 or higher the chances of income verification requirements drops quite a bit, I assume number of accounts etc are factors also.  I recently financed a car through Penfed and they didn't require any income verification, it was a 20k loan on a 57k car so that might have been a factor also.   I know that once your in the 700's chances are very low that you will need to provide any income verification for a car loan.


Thank you very much for the reply. I have brought down my debt quite a bit and hopefully in the next 4 weeks there should be some what increase in scores. I really dont know how much increase. Keeping my fingers crossed.

 

Message 7 of 10
Regular Contributor

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

Not the most popular choice around these parts but I just bought a car from Carmax.  I sat up one night and spent a good 3 hours looking at their inventory, doing multple comparisons (Carmax vs. other local dealerships) just to make sure the car was priced closely or better than others.  Next was Kelly Blue Book to check the dealer price range, all to determine that they weren't off by much by their price.  So it was on to the next step their prequalifier which based on my scores (ranging from 666-701 two weeks ago) I already knew which APR Carmax would offer me.  After doing the qualifier (well past 11pm now) I got a message saying that someone would be in contact with me.

 

Moving on to the Carmax experience.....Carmax opened at 9, I received a call at 9:30 confirming pre-approval and APR.  I went in loved the car I saw and decided to buy.  NOT ONCE was I asked for any other documents. No pay stubs, no statements, NOTHING.  I went in and literally only showed my ID and proof of insurance.  Also, when I did the prequalifier online I filled it out with ZERO money down and that's exactly what I got.  Financing with ZERO money down, 3 business days to come up with alternative financing should I decide I didn't want their offer, 5 days to return the vehicle with no questions asked.  The experience was much different than any other car buying experience I've had in the past where you have to produce documents.  Granted I came prepared with everything I thought they may ask for based on previous car buying experiences, but the sales rep that contacted me told me I didn't need anything at all and he was absolutely correct. 

 

FYI I live on the east coast and they pulled my EQ report.  Hope this information helps.

Message 8 of 10
Super Contributor

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


@redE2move wrote:

Not the most popular choice around these parts but I just bought a car from Carmax.  I sat up one night and spent a good 3 hours looking at their inventory, doing multple comparisons (Carmax vs. other local dealerships) just to make sure the car was priced closely or better than others.  Next was Kelly Blue Book to check the dealer price range, all to determine that they weren't off by much by their price.  So it was on to the next step their prequalifier which based on my scores (ranging from 666-701 two weeks ago) I already knew which APR Carmax would offer me.  After doing the qualifier (well past 11pm now) I got a message saying that someone would be in contact with me.

 

Moving on to the Carmax experience.....Carmax opened at 9, I received a call at 9:30 confirming pre-approval and APR.  I went in loved the car I saw and decided to buy.  NOT ONCE was I asked for any other documents. No pay stubs, no statements, NOTHING.  I went in and literally only showed my ID and proof of insurance.  Also, when I did the prequalifier online I filled it out with ZERO money down and that's exactly what I got.  Financing with ZERO money down, 3 business days to come up with alternative financing should I decide I didn't want their offer, 5 days to return the vehicle with no questions asked.  The experience was much different than any other car buying experience I've had in the past where you have to produce documents.  Granted I came prepared with everything I thought they may ask for based on previous car buying experiences, but the sales rep that contacted me told me I didn't need anything at all and he was absolutely correct. 

 

FYI I live on the east coast and they pulled my EQ report.  Hope this information helps.


Thanks for your input. I am seriously thinking of checking out CarMax and see what kind offer they would offer to me. First I want to wait for next 4 weeks to see the payments and updated balances are reflected on my credit report to find out the score gains I'll see and then decide which car to purchase. I gave my current car to my twin daughters who are going to college soon. I want to get my self a nice car that I can keep for next few years. Worst case, I might end up paying the cash and buy a car.

Message 9 of 10
New Contributor

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

I went with a local credit union.
At the time my TU score was the highest at 712
I was 640 everywhere else. They ran three and picked the highest (TU) and based the loan off that
I was not asked to provide any income verification but they did do a debt to income calculation off my stated income and I was at about 1%
I
Message 10 of 10
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