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What counts as proof of income for a car loan?
I want to get a car loan, but the lender told me I need a bunch of documents to proceed. One of them was proof of income. How do I show proof of income?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Proof of income is one of the many documents you need to successfully qualify for a
car loan
. But don’t worry! You have several options to prove you’re rolling in dough, including:- Pay stubs
- Tax returns
- W-2s
- 1099s if you’re self-employed, a freelancer, or an independent contractor
- Bank statements
The past three to six months of pay stubs are the most readily accepted proof of income, but the others should still work, depending on your employment situation.
If you’re a freelancer, independent contractor, or self-employed, the car loan process is a bit more involved, as your income may fluctuate. Prepare yourself for this situation by having proof of up to a year or so of income. You may even want to put together a profit-loss statement to more adequately represent your finances.
Since you’re getting a car loan, you also need to think about insurance. By using the
Jerry
app, you can sign up in less than a minute, compare quotes from reputable insurers, and find the best price for your coverage needs.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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