Do Auto Loans Require Income Verification?

A

aeliodon

I'm getting an Acura TSX in the next few days. I've never bought a new car before (I bought used) so I've never needed or gotten a loan.

The loan will be from Acura (Honda Financial) not from a bank.

I wonder what I should put for employment. I'm just going to say I'm a trader for the B/D I have a retail account with and give an upper middle class income.

I don't want to say I'm a self-employed (or unemployed?) retail investor because would generate lots of questions and I probably wouldn't even get a loan.

Anyone have any experience? Do dealers ask for tax statements or pay stubs? Thanks.

BTW my credit score is 820.
 
self employed you will NEED tax returns and maybe bank statements for 3 months

employed you will need pay stubs

don't say you work for B/D as they will call to confirm.



thats a nice car, good luck!
 
Quote from aeliodon:

I'm getting an Acura TSX in the next few days. I've never bought a new car before (I bought used) so I've never needed or gotten a loan.

The loan will be from Acura (Honda Financial) not from a bank.
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I got much better terms on my loan through my credit union. You might want to look into that.

It's fun having a new car. Congratulations
 
Quote from marketsurfer:

self employed you will NEED tax returns and maybe bank statements for 3 months

employed you will need pay stubs

don't say you work for B/D as they will call to confirm.



thats a nice car, good luck!
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I've had many auto loans and leases over the past 30 years, and not once have been asked to verify income. If your score is truly that, which is hard to believe as I work in the lending industry, you will have no problem as auto finance looks at score, and score only.
 
If your score is over 750 then you don't need to prove anything, unless you have negative equity in your trade in.Also do yourself a favor and buy GAP. So if you total your car you won't owe anything. Do yourself another favor and do NOT buy any extra warrenty. PM me if you wanna know how to get the best deal. i was a finance manager at a dealership before i started trading:D
 
Lots of conflicting information, so here is my plan:

I will put up 50% cash and ask for a loan for the other 50%.

I will say I am a trader and list the firm and address I trade at.

If they ask for tax returns and banks statements and all that - I will just pay cash for the full amount.
 
You'll fill out a general credit application, state your employer and income. Then, they run a credit check. If your credit score is OK, you'll get the loan without further fuss. Up to a point, they take your word for your financial condition. After all, it's a crime to provide false information to obtain credit.... unless it's for $500K and a house, of course.
 
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