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Proof of income

Established Member

Proof of income

Can anybody help me out with.this? I'm.a waitress and get a pay check for about $75 a weej and making over $400 in tips. I put them all in the bank daily but other than my bank statements I have no proof. About a year ago I tried buying a car and was going to use statements as my proof but the car ended up not being acceptable collateral. The loan officer said it was good enough but the deal never went all the way through snd now I'm reading that I can only.use my taxes as proof? Does anyone know for sure?
Message 1 of 6
New Visitor

Re: Proof of income

I work in finance at a car dealership so I think I can help.


The answer is it depends..


There are a few lenders that will accept 3 months of bank statement deposits as proof of income. Santander is an international company that is one of those lenders.


Other lenders will accept the bank statements but still require a signed 4506-T form to verify the income as claimed with the federal government (capital one is one of those)


Your best hope is to get income stipulations waived (I imagine the dealer would have if they could already) which means your credit isn't strong enough to do so.


You are doing the right thing by depositing your money in to your account so there is atleast some type of paper trail for your tips.


Seek out a friendly knowledgable secondary finance person (they exist I swear) and let him know your income dillemma up front. You can calculate your income by average the deposits from 3 months worth of bank statements.


Just fyi when it comes to proving Non-W2 wages via tax returns the income is calculated off of line 31 on your schedule C's which is a net profit/loss. The problem there is that the likelyhood that you claimed enough of your tips to put you over the minimum income threshold is almost nill. This is also a problem if you've been with your employer for less than 2 years.


Remember when buying a car that cash is king... Some lenders (santander in particular) will waive income stipulations at dealership request if you 30% of the cash price down up front.


Good luck!

Message 2 of 6
Established Member

Re: Proof of income

Thank you much....ima rememberer that lender when the time finally more question and don't think I'm just out of my mind bc I do intend to finally have great credit but is there a score you can actually reach when income is not an issue to be proven?
Message 3 of 6
Senior Contributor

Re: Proof of income

Hey, servers are people too!  I have not had to provide income to receive my two recent auto loans.  Scores in the mid 600's

Message 4 of 6
Established Member

Re: Proof of income

Can I ask who you financed through?
Message 5 of 6
Moderator Emeritus

Re: Proof of income

Plus there is social contacts.  I don't mean the FB, Twitter, etc.  I mean talking to someone.  You say you deposit all your money to your bank.  What bank do you use, is there a loan officer there?  Before I had my CR cleaned up, I had a LO at my local bank that would try everything she could to get me into a loan or make me a better deal.  She still calls and asks if there's anything I need or anything she can do.


     Whenever I go into the bank, everyone calls me by name, asks how me and the family are doing.  The branch manager always takes the time to come over and see and talk to me.  They have little gifts and customer appreciation things they give to customers, like a few dollars in quarters to wash your car, candles, "geared more for the DW on that one", but just little things they offer to show appreciation.


     Sometimes in the world of computers and everything online, the personal connection is lost.   You are a score, a number,  I kind of like the interpersonal connection myself.   Just wanted to throw that out there.   Good luck!  Smiley Happy




Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 6