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Why does the finance department of a car dealership need my bank statement?
Why does the car dealership need my bank statement? I want to finance through the car dealership, but they want all kinds of different documents. I feel uneasy about giving them my bank statements.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Providing a bank statement is just another way of verifying your income.
For example, if you own your own business or you’re a freelancer, you probably don’t have pay stubs. As an alternative, the
car dealership
will ask you for your bank statements.It’s standard procedure for financing, so don’t worry about it too much.
The dealership will ask for many other documents in order to approve you for financing, which is a normal part of the process. Be sure to
come prepared to the dealership
to make the car buying process easy.” View full answer
- Gregory R.
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