Private party auto lenders that don't require proof of income?

[JoshSF]

Hello,

I have an opportunity to buy a car for much less than it's worth (private sale), but I have an issue with getting a loan. I am self-employed and for certain reasons have not filed recent tax returns so I can't prove my income that way. My credit is good, but my credit union said they wouldn't accept bank statements as proof of income. 

Any specific lenders anyone here can recommend that I could look into? 

[sonicchris8]

I refinanced my truck with Navy no POI. My brother refinanced his car with Navy no POI. My dad got a car loan with Navy no POI. I also got a loan from Penfed no POI. No ones scores are as good as yours either. Maybe this will help

[JoshSF]

Was the Penfed loan for a private sale?

What I'm finding is that there's a difference between an auto loan for a sale that goes through a dealer vs a private party... many lenders don't even offer the latter. 

[sonicchris8]

Penfed gave me a check and I took it to the dealer. I could have done a private party or anything. Didn't do any kind of financing or apps or anything with the dealer. Was a small internet dealer. They never even contacted Penfed and Penfed didn't contact them.

[JoshSF]

Thanks!

[Anonymous]

I know for a fact PenFed and Alliant CU don't ask for proof of income.

[Jackal24]

Penfed asked me for POI (2 most recent paystubs) just last week. I was looking for a loan of 70k though, so maybe that makes a difference.

[Anonymous]

For those of you saying PenFed hasn't asked for POI, how much we're you asking for?

[Loquat]

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@Anonymous wrote:
I know for a fact PenFed and Alliant CU don't ask for proof of income.

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This isn't always true.  There are many folks who have posted with PenFed asking for POI.  I believe your overall credit profile and stated income may be a determining factor as to if you're required to provide POI.

[Anonymous]

I also don't think PenFed will ask for income soley based off the amount you are requesting to finance. A lender will determine the necessity to require POI based on credit score, credit history, PTI/DTI... If you are borderline on PTI/DTI a lender may request POI to ensure you in fact fall below the maxium's. I have seen POI required on loan's as low as $5,000 and I have seen loan's as high at 75k without POI required. Simply depends on numerous factor's..