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Which auto loan companies do not require proof of income

disdreamin
Established Contributor

Re: Which auto loan companies do not require proof of income


@sccredit wrote:

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.

You are so right, both the vehicles I purchased this year are worth more as used vehicles than I paid for them new. It is good to be flexible, and most people will probably need to be willing to expand their search area, as you said. Shipping a vehicle can save a ton of money if you find a dealership willing to work with you.

 

If someone has a specific vehicle in mind and is willing to wait a bit, I would encourage them to consider special ordering. Many dealerships cut better deals for special orders since they know it's sold in advance.

Message 11 of 17
pauldc73
New Member

Re: Which auto loan companies do not require proof of income

Was this an unintentional typo by TFS?  Surely Toyota Financial should know how to spell Highlander Smiley Happy

Message 12 of 17
WalkerD
New Visitor

Re: Which auto loan companies do not require proof of income

Chase didn't require proof of income when I refinanced my car from a lease purchase, that's was about 2 years ago with a score in the 700s.

Message 13 of 17
Bourne
Established Member

Re: Which auto loan companies do not require proof of income

Thank you everyone. I gave up on buying new. There is just too long of a wait, and I need a car now. So I turned to pre-owned. New car dealerships are out of their minds. All kind of inflated prices and tacked-on fees that I had no patience for. So I focused on CarMax, Autonation, and Carvana. 

 

I ended up buying a 2016 Rav4 with 70k miles for $19,9. Still an inflated price, but it's way better than what I've been seeing at traditional dealerships. Chase came through with instant approval. Rate was 3.99% with no proof of income required. While I'm happy about the latter, I'm a bit disapointed about the former. They showed me what they pulled. A TU score of 810! I would've thought I would get a better APR than that, but all good. I can refinance later if needed. 

 

Thanks again!

Message 14 of 17
jmw1
Frequent Contributor

Re: Which auto loan companies do not require proof of income

Crazy.... $20k base price for a 6 year-old car.  I'm sure glad I don't have to buy a car.  

Message 15 of 17
disdreamin
Established Contributor

Re: Which auto loan companies do not require proof of income


@pauldc73 wrote:

Was this an unintentional typo by TFS?  Surely Toyota Financial should know how to spell Highlander Smiley Happy


I wondered that too  - I googled Hylander to to see if that was TFS-speak for a hybrid Highlander or something.

Message 16 of 17
disdreamin
Established Contributor

Re: Which auto loan companies do not require proof of income

@BourneI'm glad you got the vehicle you needed, but ouch on that price. I am sure it's not a bad price in this market, as I know you did your homework, but holy heck does that seem a bit ridiculous for that old a vehicle with that many miles on it. As far as your APR, it doesn't sound bad, tbh. I just checked my CU and found their loans were anywhere from 2.5-4.5 depending on the term of the loan. I hope you enjoy your new Rav and it holds up well for you.

Message 17 of 17
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