Which auto loan companies do not require proof of income

[Bourne]

I have 790+ credit score. At the beginning of the pandamic, I was laid off and went and spent two years overseas living with family taking online classes. Then I found a job and came back to the US. I've been at my current apartment for less than two weeks. I start my job after the holidays. I absolutely need a car before I start my job.  

I have no proof of income since I haven't been working lately, but I do have the signed offer letter. I'm trying to not just apply and hope they don't ask for paystubs, since I don't want hard inqueries and rejections on my credit report. 

I read on another thread on here to try Capital One pre-approval (soft pull). For whatever reason, I got rejected (I have prime credit and no baddies). I suspect it was because when it asked me how long I've been living at my current address and how long I've been at my job, I put 0 years and 1 month for both. 

I tried Chase, since I bank with them. I got instantly pre approved for up to $50k. I called the their auto finance number, and they said yes, at the time of the actual application at the dealership (hard pull), they will ask for proof of income. Not sure how true this is, or how knowledgable this person was.  

Does anyone know of any banks or loan companies that will not ask for proof of income if I have prime credit? Thank you for any help. 

[TattnallTrio]

Toyota Financial Services didn't ask me for proof of income.

[Bourne]

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@TattnallTrio wrote:

Toyota Financial Services didn't ask me for proof of income.

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Interesting. One of the cars I'm interested in is a Toyota. Did they ask how long you've been at your current job on the application?

[sccredit]

I haven't had to provide proof of income in over a decade. Even the last 3 loans and 1 lease were without proof of income, all after BK7 discharge. With a 790 score any dealer could pull that off. Even if asked the offer letter should suffice. 

[MileHigh96]

I haven't had to provide proof of income on any auto loan for as far back as I can remember. Current vehicle is financed thru a CU and prior to that, I had vehicles financed thru Nissan and thru Toyota and was never asked to provide proof of income. Just fill out the forms, they pull your credit, and the financing is done.

[Gladius]

I think the last time I was asked for POI was when I was in my early 20s.  I am 50 now.

[Creditplz]

Just depends tbh... I didn't provide anything to BMWFS, PFS (maybe), or MBFS.

If I've made all my mortgage payments at $10,300 they won't be concerned about me not paying their $950/mo payment. 

if your file is thin... I'd expect them to ask tbh, F&I manager will try and smooth stuff over with the bank, but overall if your file is thin I would expect it.. your new job didn't give you a offer letter?. 

I know one of my journeyman asked me for a offer letter for his bank, I drafted him one along with his pay schedule for the following pay periods. 

[Bourne]

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@Creditplz wrote:

Just depends tbh... I didn't provide anything to BMWFS, PFS (maybe), or MBFS.

If I've made all my mortgage payments at $10,300 they won't be concerned about me not paying their $950/mo payment. 

if your file is thin... I'd expect them to ask tbh, F&I manager will try and smooth stuff over with the bank, but overall if your file is thin I would expect it.. your new job didn't give you a offer letter?. 

I know one of my journeyman asked me for a offer letter for his bank, I drafted him one along with his pay schedule for the following pay periods. 

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Yeah, I got the offer letter, and my file is defintely not thin. Plenty of accounts in good standing and great utilization rate. I also have one auto loan fully paid off back in 2018, and another auto loan that I co-signed for that is 80% paid for and in good standing. I'm just worried about what the Chase rep said. Once I find the right car, I'm suppose to go through the application process, and I'm worried that's when I'll be asked for the paystubs. 

I went shopping all day today, and it is INSANE out there. There are literally no new cars available. I visited two Toyota dealerships and two Subaru ones. They're taking reservations without knowing when they're gonna get stock. Meanwhile their pre-owned stock is priced $4k to $5k ABOVE new car MSRP. New MSRP on Subaru Crosstrek base is around $24,6. The dealership I visited had a 2018 Crosstrek base with 40k miles for $29,9. There is a massive bubble in this auto market, and sooner or later it's gonna burst. 

[disdreamin]

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@Bourne wrote:

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I went shopping all day today, and it is INSANE out there. There are literally no new cars available. I visited two Toyota dealerships and two Subaru ones. They're taking reservations without knowing when they're gonna get stock. Meanwhile their pre-owned stock is priced $4k to $5k ABOVE new car MSRP. New MSRP on Subaru Crosstrek base is around $24,6. The dealership I visited had a 2018 Crosstrek base with 40k miles for $29,9. There is a massive bubble in this auto market, and sooner or later it's gonna burst. 

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That's how it has been for a while with new and used vehicles. I purchased two new vehicles in July/August. One was a factory special order I spec'd out, and the other was a Subaru I chose from dealer orders and put a deposit on. The Subaru dealership couldn't provide an exact arrival date, but they were able to give me window since the vehicle was in production when I put a deposit on it. I am thinking the changeover to 2022's may impact that though - I haven't investigated where Subaru is in that process for the different models (some models were already out last summer, I think others were expected early 2022).

I went with new since, as you pointed out, previous model year used car prices were at or above MSRP on the current MY. If you are willing to wait a bit for your new vehicle, you may save quite a bit. I didn't get my Subaru at invoice but it was very close to that, which I was happy with given the market and availability of vehicles at the time. Special orders seemed to have more room for negotiation too, which worked for me since I wasn't in a huge rush for a new vehicle.

Both of my new vehicles were financed, and neither deal required proof of income (one was with Chrysler Capital/Santander(?) and the other was Chase for the Subbie). Credit was clean and had lengthy work history, so I'd guess that might have factored in.

[sccredit]

The market is crazy right now. Between February and November of this year we have bought 3 cars.

First was in February and we paid $12k OTD for a CPO Hyundai Accent. Carvana will give us $19k for that car now.

Second was in September. Bought a new Ford Ranger. Most dealers wanted between $5k and $10k over sticker. I was able ti buy one slightly below sticker and get $3k in "trade-in" rebates because we had a lease ending. Financed through a local credit union at 2.4%

Third was in November. We bought a used VW Tiguan for DW and they ranged from $22k up to $31k for the same year, model, trim, miles. Every time we went to look at one it was already gone, except for the over priced $27k+ ones. Saw one pop up about an hour away and called right away, cut a really good deal over the phone and jumped in the car.

You have to be ready to jump as soon as you see the one you want. There are deals out there but you have to search like crazy and be patient. It also helps to broaden your search. On DW's we originally wanted a Ford Edge but couldn't find one we wanted in our price range, so we broadened to a few other models and the VW ended up being the winner.