No Income Verification Car Loans
Question: No income verification car loan with large % downpayment possible?
I want to purchase a 40,000 dollar car, however my employment is self-employed and it is hard to “verify” my income or show tax returns or paystubs or anything. I was wondering if I could put down a large % downpayment on the car and get the rest financed without income verification? A few places I went to said with 50% down they would do this, is this common? Can i do less down like 30-40%?
What kind of APR can i expect on the remaining financing, I have good credit but again its hard to show my “gross monthly income” on paper. Thanks
Answer: Consider this, a down payment exceeding 10k will be reported to the IRS
Being self employed with unverifiable income means that you are not completely reporting your income to the aforementioned federal agency and could wind you up on the wrong side of an auditors desk.
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