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Can I get a car loan without proof of income?
I work for a company, but all my pay is under the table. I want to get a car loan, but I won’t have official pay stubs to show. Can I still get a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Proof of income is one of the documents that a lender will always want to see before approving a candidate for a
car loan
. However, some lenders may be willing to work with you if you have great credit and offer a sizable down payment.Without proof of income, you’ll be considered a very high-risk candidate by most lenders. Lacking this documentation will make it difficult to find a lender willing to hear you out.
To put a lender’s mind at ease, you may have to put a large down payment, perhaps 20% or more of the total cost. You may also be subject to higher interest rates (again, due to your high-risk classification). If you’re approved, double-check your final contract for any hidden fees.
When you get a car loan, you’ll be required to purchase full-coverage car insurance, but it doesn’t have to break the bank.
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