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can i get loan with no proof of income?

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Epic Contributor

Re: can i get loan with no proof of income?


@chinky93 wrote:
thanks man u brought my hopes all the way up......my last question for you... so where will the remaining balance come from? the dealer or some sort of bank? either way will it show on my credit report (first time buyer)

yes they will shop the loan to probably 10-15 banks all at once.

what is your credit score?

 

Message 11 of 17
New Contributor

Re: can i get loan with no proof of income?

mid 600's should i try askin my bank(fifth third)? i currently have checking and savings with them and a secure credit card...but i tried getting a small loan from them before they said they need some type of paystub😑
Message 12 of 17
Epic Contributor

Re: can i get loan with no proof of income?


@chinky93 wrote:
mid 600's should i try askin my bank(fifth third)? i currently have checking and savings with them and a secure credit card...but i tried getting a small loan from them before they said they need some type of paystub😑

no the dealer will be better.

Message 13 of 17
New Member

Re: can i get loan with no proof of income?

The last time a dealer asked me for proof of income was when I got my first vehicle. Since then, I have purchased 5 vehicles and I was never asked to show proof of income. Just this past weekend, I purchased a BMW 428i Gran Coupe $48,873 and no proof of income was needed. Once you have built up a credit history and shown you can pay, dealers and banks will begin to trust you and whatever you put as your income, that is what they will go with without any proof. So to answer your question, yes you can get an auto loan without proof of income. 

Message 14 of 17
Super Contributor

Re: can i get loan with no proof of income?


@NinHalo wrote:

The last time a dealer asked me for proof of income was when I got my first vehicle. Since then, I have purchased 5 vehicles and I was never asked to show proof of income. Just this past weekend, I purchased a BMW 428i Gran Coupe $48,873 and no proof of income was needed. Once you have built up a credit history and shown you can pay, dealers and banks will begin to trust you and whatever you put as your income, that is what they will go with without any proof. So to answer your question, yes you can get an auto loan without proof of income. 


+1 as CA said at the dealer is the easiest. they just want the sale. however at banks and Credit unions as in my case. they don't want bank statements. they want tax returns. which i gladly provided. so i did not take the loan. i just know that i can get it whenever i want it now. so im self employed. and no issues. but i know at the dealer. they will try and pull my credit a zillion times. to shop the loan. freeze it all before you go to the dealer. and let them ask you to unfreeze. so you are not hit with 30 inquiries. i know what people will say. my fico count it as 1. yada yad. but other lenders will still say you have a heap of inquiries regardless what myfico does.

Message 15 of 17
New Member

Re: can i get loan with no proof of income?

What's special about carmax ?

Message 16 of 17
Epic Contributor

Re: can i get loan with no proof of income?


@9volt wrote:

What's special about carmax ?


they 5-7 banks they work with give answers within 10 minutes, many times nearly instant right on the computer in front of you... it's not some finance manager pushing numbers around and all that stuff, you literally fill out the application with your sales person right on the computer and submit... when answers come back all loans are based on 72 months and the interest rate will display if the bank is approving and next to that it will say if the approval has any condingencies... usually at most "Verify down payment funds" if you are putting down payment, which is just making sure that cash is in the bank you are writing a check from... you may have "verify address" the sales person just goes to another window and pulls up public record questions for you, like 3-4 of them and if you answer those correct, that completes address verificiation.

I have only seen 1 of there lenders, the worst of the lenders they work with EVER want to verify income.

Carmax is a huge volume company so they have some of the least verification stuff I have ever seen buying cars and I have bought from carmax 3 times and sold to them 4 times... it's SO EASY and no haggle and I have literally been driving away in my car in as little as 1 hour!

Message 17 of 17
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