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Do you need to pay stubs for a car loan?
I'm getting ready to apply for a car loan. Will I need to provide pay stubs when applying in order to qualify?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Pay stubs are really helpful when applying for a car loan, but there are other options, too.
Buying a car
is expensive, and your lender will want to make sure that you can make your loan payments on time. So if you have pay stubs from the last month, you’ll want to bring them with you when you apply for your loan as proof of steady income.The pay stubs should show your year-to-date income. Lenders like to see that number to verify you’ve been employed at your current job for at least three months.
If you don’t have pay stubs, you might be able to use bank statements to show proof of income instead. You’ll probably need to hand over at least three months’ worth, but it’s a good idea to take the past six months of statements with you in case the lender wants to see more.
And if you don’t have pay stubs but you do have a traditional job, you can bring in your W-2 form.
Since you’re getting ready to buy a car, remember that you’ll need insurance, too. Check out the
Jerry
app to find the best, most affordable car insurance policies out there. Jerry will collect low-cost quotes from top insurance agencies for free and deliver them to your phone in seconds.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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