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Apply for an Auto loan without Proof of Income?

udoobu 5,168 1,172 March 26, 2012 at 05:16 AM in Autos (2)
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I was wondering what options are available for applying for an Auto loan without proof of income. Credit score is 766 through credit karma (Will pull from expedia, etc later). Loan will be about 8k and down payment will be 4k and $300-$400 monthly payment is no problem.

What banks are available that base a loan just on credit history without proof of income?

I found this bank from google search. In TX, applying to a CA bank should be no problem?

http://www.eastwestbank.com/Engli...toloan.asp

PROGRAM 2
Minimum Loan Amount is $5,000 - Requires No Income Documentation
Loan Term Interest Rate Documentation Fee APR Monthly Payments*
12 Months 6.750% $0 6.788%
$864.29
24 Months 6.750% $0 6.778%
$446.72
36 Months 6.750% $0 6.772%
$307.73
48 Months 8.000% $0 8.019%
$244.22
60 Months 8.250% $0 8.268%
$204.05
MAXIMUM LOAN AMOUNT - PROGRAM 2 (NEW AUTO)
Maximum loan amount will be calculated based on 65% of the sum of vehicle's cash price, tax and license as shown on the purchase order or 75% of the suggested retail price listed in the Kelley Blue Book - New Car Price Manual; whichever is lower.

23 Comments

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#2
I am curious as to why you would want to pay 6+% interest for a car loan? Why not spend the $4k on a quality used car?

To answer your question: I have no idea who would loan w/o proof of income.
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#3
I'm more curious why you wouldn't want to give them proof of income.
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#4
Are you planning to show ANY financial proof? (ex. money in the bank not from earned income). I can't imagine you'd get a loan without showing any supporting documentation.

Quick question for anyone out there: would a bank or credit union be more likely to loan you a small amount (say $5K) if you had accounts with them that totaled way more (say $50K)? I wonder if that's a tactic people try to use.

On another note, OP should consider a credit union for a better rate and more flexibility.
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#5
Quote from impact1400 View Post :
Are you planning to show ANY financial proof? (ex. money in the bank not from earned income). I can't imagine you'd get a loan without showing any supporting documentation.

Quick question for anyone out there: would a bank or credit union be more likely to loan you a small amount (say $5K) if you had accounts with them that totaled way more (say $50K)? I wonder if that's a tactic people try to use.

On another note, OP should consider a credit union for a better rate and more flexibility.
Yes a bank would more likely give you a loan if you have some long term standing with them as they can see your cash history. As for why someone with 50k in the bank would want a 5k loan is beyond me though.
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#6
Quote from nizzy1115 View Post :
Yes a bank would more likely give you a loan if you have some long term standing with them as they can see your cash history. As for why someone with 50k in the bank would want a 5k loan is beyond me though.
I'm guessing the OP either works off the books or lives off money in the bank, thus being unable to provide proof of income? Anyhow, I would assume that if a bank or CU knows you have a lot of $$$ in their accounts then you're good for the loan
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#7
Quote from impact1400 View Post :
I'm guessing the OP either works off the books or lives off money in the bank, thus being unable to provide proof of income? Anyhow, I would assume that if a bank or CU knows you have a lot of $$$ in their accounts then you're good for the loan
If he lives off money in the bank then he has 1: no way of paying it back, or 2: enough in the bank already to pay cash. If he doesn't have the money or job now but is banking on getting one in the near future, his plan is flawed because he very well could not get one and then default on the loan.
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#8
Quote from nizzy1115 View Post :
I'm more curious why you wouldn't want to give them proof of income.
Popcorn
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#9
In cases like this, I have no other advice other than going to a loan shark.
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#10
credit unons have 3 percent interest
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#11
I say go for 8.25% interest. Bigger is better.
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#12
Quote from nizzy1115 View Post :
If he lives off money in the bank then he has 1: no way of paying it back, or 2: enough in the bank already to pay cash. If he doesn't have the money or job now but is banking on getting one in the near future, his plan is flawed because he very well could not get one and then default on the loan.
Lol the mystery of why I can't provide proof of income. Making the monthly payment will be no problem. I'm looking for a Honda Element or similar class. Since I am fairly young, 6-9% or worse 12% is normal for buyers in my age gap.

Quote from okashira View Post :
I say go for 8.25% interest. Bigger is better.
Funny, I've learned a lot from reading SD blogs and in Finance Wink
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Last edited by udoobu March 26, 2012 at 04:52 PM
#13
Quote from udoobu View Post :
Lol the mystery of why I can't provide proof of income. Making the monthly payment will be no problem. I'm looking for a Honda Element or similar class. Since I am fairly young, 6-9% or worse 12% is normal for buyers in my age gap.



Funny, I've learned a lot from reading SD blogs and in Finance Wink
If you have learned a lot, you know there is absolutely no connection between:

"6-12% is normal for my age group"
does not make it
"a good idea"

good luck
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#14
Quote from udoobu View Post :
Lol the mystery of why I can't provide proof of income. Making the monthly payment will be no problem. I'm looking for a Honda Element or similar class. Since I am fairly young, 6-9% or worse 12% is normal for buyers in my age gap.



Funny, I've learned a lot from reading SD blogs and in Finance Wink
No it isn't normal.
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#15
12% for a car loan? lol
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