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Apply for an Auto loan without Proof of Income?

udoobu 1,168 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.

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Joined Dec 2008
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#16
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.
Not to be mean but at 19 i got a new car at 0% no cosigner...
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#17
Quote from nizzy1115 View Post :
Not to be mean but at 19 i got a new car at 0% no cosigner...
im guessing that wasn't any time within the last 2 years or so, when credit has been much harder to get
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#18
Quote from Cruceh View Post :
12% for a car loan? lol
Not saying I will every go that route. I have sadly encounter people who have loans in the range. I think I will just reassess my finances to buy straight up. I'm reading about people buying their cars with credit cards and than pay the balance right off just to get the rewards, Any fellow SDer who have done this?
NO, I will not put the purchase on my credit card even with 0% and carry a balance because it will effect my credit utilization rate

Quote from nizzy1115 View Post :
Not to be mean but at 19 i got a new car at 0% no cosigner...
Things would have been a lot easier pre 2006-2008. How do you think I got my first capital one credit card at age 17? After watching on the news about a cat getting approved, I'm on my own building credit, might as well have a head startlaugh out loud
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#19
Quote from okashira View Post :
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

Word. I'm thinking of just holding back another 4-6 months and save more, just wait for a miracle deal and buy straight up.
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#20
Quote from udoobu View Post :
I'm reading about people buying their cars with credit cards and than pay the balance right off just to get the rewards, Any fellow SDer who have done this?
Most dealerships will have a limit as to what you can put on a CC - usually something around $1,500 to $3k max. They don't want to pay the fees. If you buy at a "Buy here, pay here" you might be able to do more on a CC, but you aren't getting a good deal on the car overall. Lose lose.

Save as much cash as you can and buy a car with whatever you have. You won't have the best looking car among your friends, but you won't be a slave to a lender either.
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#21
Expedia for the credit report Roll
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#22
Quote from udoobu View Post :

What banks are available that base a loan just on credit history without proof of income?
join DCU. when you apply for membership, you'll be told that you're pre-approved for an auto loan of up to $XX,XXX. a request for documentation is rare for those with good credit & reasonably embellished income.

https://www.dcu.org/index.html
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#23
Quote from Jabbit View Post :
Most dealerships will have a limit as to what you can put on a CC - usually something around $1,500 to $3k max. They don't want to pay the fees. If you buy at a "Buy here, pay here" you might be able to do more on a CC, but you aren't getting a good deal on the car overall. Lose lose.

Save as much cash as you can and buy a car with whatever you have. You won't have the best looking car among your friends, but you won't be a slave to a lender either.
Definitely staying away from "Buy here, pay here" places. I def don't want to be a slave to a lender (I soon will be with school debt D; doesn't help APR are doubling...) but I need a car with more cargo space. Def reassessing my situation, Thanks and reepp
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#24
In line with what everyone else has said, no bank will loan you money if you have no viable source of income to pay that loan back.
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