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How do I provide proof of income for a car loan?
I was looking at all the documents I need for a car loan, but proof of income was one that I wasn't sure about. What is proof of income and what do I need to show it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Providing proof of income for a
car loan
is standard practice, so don’t let it scare you. Lenders require proof of income to verify you can afford your new loan.To show proof of income, you need one or more of these documents:
- Bank statements
- Tax returns
- W-2s
- Pay stubs
- 1099s, if you’re self-employed
In most cases, they’ll require several pay stubs or a W-2 to show you have a steady income and the ability to afford the monthly payment. Keep in mind that you will also need to purchase car insurance per the stipulations of your car loan and provide your lender with
proof
. For help finding the best insurance policy, use the
Jerry
app. Sign up in minutes to compare rates from 50+ car insurance providers. The average Jerry user saves $879 a year! View full answer
- Gregory R.
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