So I have a good paying job and my credit score is 715, and I want a cheaper car (15k) and I can provide pay stubs which will show I earn plenty to afford a modest car payment, however due to circumstances I have been dwindling my bank account down to $500 every month the past 3 due to family circumstances. I’ll also be able to put $5000 down fairly soon.
Am I able to not show bank statements, just provide proof of income and paystubs? How is this going to affect my interest? Thanks!
Are you applying through a bank or going through a dealer? I have only financed twice in my life and I have never been required to produce bank statements, just paystubs for one at dealership and none with a CU ( which I wasn't a member at the time)
Paystubs is what they will want to see, not your bank statements. Good Luck with your car purchase.
You don't have to produce bank statements and I would leave any place that requires them. Pay stubs are what matter - the rest can be pulled from your credit history. I run an almost empty bank account ($500) all the time. All extra money gets invested in some form or another.
Also remember that the car itself is what secures that loan, not how much money you do or don't keep in your bank account.
You dont even need to show POI if you have good credit scores. My last two trucks, I went to the dealer and test drove them, and then negotiated purchase. I was never asked about income or bank statements. I took a printout of my credit scores so the salesmen knew they were dealing with someone with good credit without having to pull my credit immediately.
Honestly I’d be surprised if they ask for POI/paystubs. You almost certainly won’t need bank statements. I recently bought a new car that was more than 15k and they didn’t ask me for anything. Good luck and enjoy the new car!!
The two times I bought from a dealer, they didn't require paystubs, POI, or bank statements.
My most recent purchase, I had to provide a bank statement when I was getting financing through my CU (preapproval before car shopping), but that was only because the highest credit line I had reporting at the time was fairly low ($1400).
You dont even need to show POI if you have good credit scores.
This.^^ Leased a VW Passat in 2015 and did not have to show POI. TU Fico was 730 at that time.
|FICO 8 SCORES: 06-02-2019||616 TU||613 EX||638 EQ|
The only time I had a dealer ask for bank statements is back in the early 2000's when my scores were in the tank. (They were in the low 600's) If you're in the 700's, you should be fine, even better with a 33% down payment