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xlogger

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#1

Getting a loan, how?

06-19-2006, 12:32 PM

So, im going to be getting a car soon right. Im paying 1/2 down and the other half im getting a load. So, my question is how can prove/show them how much $ i make, they will ask for it. Its not i can print the stats out or anything. Anyone got any experiance? Help me out... please.

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DateDoc

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#2

06-19-2006, 12:34 PM

A car dealership will pull your credit. With 50% down and if you list an employer have a few credit cards and ok credit I doubt they will ask for proof of income.
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#3

06-19-2006, 12:35 PM

Not sure where you are, or which loan entity you are dealing with.

Some suggestions as to income proof are tax returns, bank statements, or take in a stack of check stubs.

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#4

06-19-2006, 12:35 PM

They'll want a lot of check stubs since you have no credit and no tax returns.

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#5

06-19-2006, 12:39 PM

That's right, buy something you can not afford.. the American way!
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#6

06-19-2006, 12:40 PM

....if you have a good credit, I don't think they will ask you for proof of income!! But if you don't.. you have to present Proof of Income!!
Good Luck...

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#7

06-19-2006, 12:41 PM

Show them your sponsor statistics

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#8

06-19-2006, 12:42 PM

Fuck that pay cash.

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#9

06-19-2006, 12:52 PM

yeh fucking loans are for the schmuck

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#10

06-19-2006, 12:57 PM

Bring copies of your last 2 - 3 years worth of tax returns.
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#11

06-19-2006, 12:57 PM

buy a cheaper car ... seriously, car is the biggest waste of money!

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xlogger

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#12

06-19-2006, 12:59 PM

Originally posted by selena

Not sure where you are, or which loan entity you are dealing with.

Some suggestions as to income proof are tax returns, bank statements, or take in a stack of check stubs.

Ok, i make 10k+ a month now.

I've been in adult for like 1+ year so i have no tax returns. My taxes are all FUCKED up anyways.

I have $ in the bank for down payment but i usually keep the $ in epass/paypal. (i know, i know its stupid!)

I know i would get the load without a problem if i showed them how much i make. Since i use epass/paypal i dont have checks. So im asking how can i show them what i make.

ps: my credit is excellent btw, 730.

Last edited by xlogger; 06-19-2006, 01:01 PM.

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#13

06-19-2006, 01:02 PM

Originally posted by ssp

That's right, buy something you can not afford.. the American way!

lol yeah thats spot on gov.

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#14

06-19-2006, 01:02 PM

Print out the total amounts history in Paypal and ePassporte, and your bank statements. 3 months worth should be fine, all they want is to see that you are making a consistent and stable income, doesnt matter where you keep it.
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#15

06-19-2006, 01:03 PM

do you have a corp or LLC?
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#16

06-19-2006, 01:04 PM

a bank statement showing regular deposits or wires should be a good proof.
Of course, if you don't have it, you can always fake it ;)
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#17

06-19-2006, 01:05 PM

Originally posted by xlogger

Ok, i make 10k+ a month now.

I've been in adult for like 1+ year so i have no tax returns. My taxes are all FUCKED up anyways.

I have $ in the bank for down payment but i usually keep the $ in epass/paypal. (i know, i know its stupid!)

I know i would get the load without a problem if i showed them how much i make. Since i use epass/paypal i dont have checks. So im asking how can i show them what i make.

ps: my credit is excellent btw, 730.

If you have a FICO of 730, and half the money down, proof of income is probably not going to be required.

Are you planning on financing it at the dealership? Most of them would do backflips for a customer with half down and that range of FICO.

Edit: I hope this is not a new car. I don't believe in buying new cars, unless you can pay cash. They depreciate far too quickly. A barely used car is much better, imho.

Last edited by selena; 06-19-2006, 01:08 PM.

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#18

06-19-2006, 01:08 PM

Originally posted by selena

If you have a FICO of 730, and half the money down, proof of income is probably not going to be required.

Are you planning on financing it at the dealership? Most of them would do backflips for a customer with half down and that range of FICO.

Yes, im planning to financ @ the dealership.

Originally posted by BusterPorn

do you have a corp or LLC?

No, i am too lazy to get anyone that done. Im getting a accountant to fix everything soon though.

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#19

06-19-2006, 01:12 PM

I always do no doc loans when purchasing homes or cars. They usually only need the last 3 months pay stubbs if your credit is good.

Also, to those people saying pay all cash... Why the hell would you want to drop $xx,xxx at once on an item that depreciates when the interest rate is so low? If you keep that money working for you, you should earn a higher return than the interest fees you would have saved by paying in full. Not having payments isn't often the best solution.
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#20

06-19-2006, 01:22 PM

Thanks for the help guys. I thought it was going to be very hard getting a loan. Im going to test apply for an online loan site and see what they ask. If they approve then the car dealership one wont be a problem. heh

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#21

06-19-2006, 01:26 PM

with 50% down you will not have any problems getting a loan.

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#22

06-19-2006, 01:28 PM

Dude, just buy a used bmw 3 series for $10k cash and save your money.

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#23

06-19-2006, 01:35 PM

If you make $10k per month why not just buy a cheaper car or save up? Seems to be the best way todo it. You have the money.

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#24

06-19-2006, 01:40 PM

Originally posted by Nismo

Dude, just buy a used bmw 3 series for $10k cash and save your money.

Lol, i actually saw a HOT black 3 series @ the dealership today. It was like 35k but and i was going to buy it. But i looked at the consumer report and it got like 0 rating in the electrical department.

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#25

06-19-2006, 01:43 PM

why spend so much on a liability that deprecates every day in value?
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#26

06-19-2006, 01:45 PM

Originally posted by xlogger

Ok, i make 10k+ a month now.

I've been in adult for like 1+ year so i have no tax returns. My taxes are all FUCKED up anyways.

I have $ in the bank for down payment but i usually keep the $ in epass/paypal. (i know, i know its stupid!)

I know i would get the load without a problem if i showed them how much i make. Since i use epass/paypal i dont have checks. So im asking how can i show them what i make.

ps: my credit is excellent btw, 730.

I feel your pain... I have had to purchase two vehiles in a similar situation.

First off, NO ONE pays for a car 1/2 down. So that is good. Second, more people come in with credit scores under 700 than over, that is also in your favor. Most likely they will be able to get by with just bank statements (the standard for the self employed since taxes for most SE'ed are usually showing a lot less than they make or more (gross, not net profits))...

So print out your last 3 months of bank statements (including Epassporte)... Blackout the porn names like Triplexcash incase your loan officer isn't liberal minded. Also bring a water bill/electric bill/gas bill to show you live where you say you live. Have all of this shit in a manila folder and ready to produce to them.
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#27

06-19-2006, 01:49 PM

I've never had to show proof of income on a car even when I bought two with zero down and 0% interest. If your credit scores are good, that's all you need to worry about. If they aren't good, then the 50% down will help. If they're horrible, then no number of check stubs or tax returns is going to help you.
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#28

06-19-2006, 02:00 PM

Originally posted by shermsshack

Also, to those people saying pay all cash... Why the hell would you want to drop $xx,xxx at once on an item that depreciates when the interest rate is so low? If you keep that money working for you, you should earn a higher return than the interest fees you would have saved by paying in full. Not having payments isn't often the best solution.

Someone with a clue. :-)

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#29

06-19-2006, 02:02 PM

If you are in the US, that huge down and credit score is all you need.
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#30

06-19-2006, 02:12 PM

Originally posted by shermsshack

Also, to those people saying pay all cash... Why the hell would you want to drop $xx,xxx at once on an item that depreciates when the interest rate is so low? If you keep that money working for you, you should earn a higher return than the interest fees you would have saved by paying in full. Not having payments isn't often the best solution.

I paid cash for my Wrangler just because I plan on keeping it forever and I wanted to know if worse came to worse in my personal finances, I had a car with no payment to worry about.

But normally I lease. I want a new "every day" car every 3 or so years and leasing has always worked out best for me. I leased a Cherokee when I bought the Wrangler. I love them both but they are 100% polar opposite cars
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#31

06-19-2006, 02:14 PM

Originally posted by Peaches

I paid cash for my Wrangler just because I plan on keeping it forever and I wanted to know if worse came to worse in my personal finances, I had a car with no payment to worry about.

But normally I lease. I want a new "every day" car every 3 or so years and leasing has always worked out best for me. I leased a Cherokee when I bought the Wrangler. I love them both but they are 100% polar opposite cars

Even with low insterest rates, Sherm is forgetting that you are paying extra $1000's for a car that IS DEPRECIATING. Which is why I pay cash or pay most of it off and then quickly pay the rest.

Why pay an extra $100 a month or more on a depreciating asset?
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#32

06-19-2006, 02:44 PM

but a cheaper car dude, something you can afford without having to get a loan... the excitement of owning a brand new bmw will wear of fairly quickly...

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#33

06-19-2006, 03:02 PM

Originally posted by xlogger

Lol, i actually saw a HOT black 3 series @ the dealership today.

First mistake was seeing it and going straight for the idea it is "hot"

Second mistake is considering buying it - especially with a loan.

Third mistake is considering buying *any* car on a loan. You would effectively be paying interest on a depreciating asset.

Get whatever vehicle xlogger - but without loans - pay cash. And remember even that cash you do pay, depending on the more "exotic" the car - it's like pouring it down a drain and earns you nothing.

Loans are for scenarios you can earn from - "consumer loans" gotta be the most insane concept ever invented, - but well-sold by finance companies and car dealerships.

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#34

06-19-2006, 03:11 PM

Originally posted by V_RocKs

Even with low insterest rates, Sherm is forgetting that you are paying extra $1000's for a car that IS DEPRECIATING. Which is why I pay cash or pay most of it off and then quickly pay the rest.

Why pay an extra $100 a month or more on a depreciating asset?

True... But I also never buy new cars, so depreciation isn't nearly as bad (I bought my 5 series 10k under private party blue book and it's still holding it's value). I lease new, buy used. I am never upside down.
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