h2 financing?

[MONSTERMATT]

i need someone who is familiar with the financing of cars, i have an excellent credit rating like 722 not excellent but pretty good problem is i am paid under the table so it is not possible to document income or provide pay stubs or w2's does anybody have any thoughts on this? will a dealer overlook this even with a small downpayment? if i list an employer and income will they check it out or make me verify? trying to figure this out without a co-signer thanks

[MONSTERMATT]

i need someone who is familiar with the financing of cars, i have an excellent credit rating like 722 not excellent but pretty good problem is i am paid under the table so it is not possible to document income or provide pay stubs or w2's does anybody have any thoughts on this? will a dealer overlook this even with a small downpayment? if i list an employer and income will they check it out or make me verify? trying to figure this out without a co-signer thanks

[TootsSUT]

Yep!! You shouldn't have a problem if you are dealing with someone who knows this up front. Depending which dealership you go in to, they have many different banks they work with and they will know which one to send your app. to for a loan w/ no proof of income. Your FICO score will really help. It's a good score.

I know there are many people on this forum that can give you some good advice as well!!

[HummBob]

I HAVE A FRIEND....who dosen't document ALOT of HIS income, the best way is to go into the purchase with a rather LARGE down payment on the truck. http://www.elcova.com/infopop/emoticons/icon_biggrin.gif

This way HE didn't have a problem buying his BLACK '04 LUX last year. http://www.elcova.com/infopop/emoticons/icon_wink.gif

[Intercooled]

If your credit rating is that good they wont even look at your income. Banks love to lend money to people with good credit.

[strongrhino]

That's right...They don't ever verify income unless you have ****ty credit but 722 is a real good score and if they want your business they should not ask too many questions.

[Fastest H-Town Realtor]

Bought mine with a 760 and no verification of job/income/assets/cash down

[timgco]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by MONSTERMATT:
i need someone who is familiar with the financing of cars, i have an excellent credit rating like 722 not excellent but pretty good problem is i am paid under the table so it is not possible to document income or provide pay stubs or w2's does anybody have any thoughts on this? will a dealer overlook this even with a small downpayment? if i list an employer and income will they check it out or make me verify? trying to figure this out without a co-signer thanks </div></BLOCKQUOTE>

You run a crack house, don't you? http://www.elcova.com/infopop/emoticons/icon_biggrin.gif

[MONSTERMATT]

THANKS FOR THE RESPONSES I WISH I DID RUN A CRACKHIOUSE LOL THE LAST HUMMER DEALER I WENT TO THEY DIDNT SEEM TO WANT TO WORK WITH ME BUT HE DID SAY COME BACK WITH A DOWNPAY SO MAYBE WHEN I PLOP DOWN SOME MONEY HE WILL GET IT DONE FOR ME YOU GUYS THINK ITTL WORK?

[Boss Hoss]

As a mortgage broker i have a little bit of insight on what the lenders are looking for as well as ways around some "roadblocks". One thing to remember is the documentation requiremnets and verification of the documents on an auto loans is much more laxed than in the mortgage process even though it is a liability rather than an asset.

722 is a good credit score and usually doesnt require documentation of income for an auto loan. However, it is important how you fill out your credit application(job, yrs on job, income, years at address). If the dealership has a good F&I guy he usually knows how to get people "bought" by the lenders they use and he may be open enough as to tell you what you should do--remember they get paid when they finance you. Also, it is impossible to know what your credit is like by just knowing your score. I have people with great scores that have VERY little credit content and have very high scores--can be misleading. Back to documentation...im thinking you have a high possibility of finding an accountant in a lower demographic area of town to "prepare your tax returns" for a small fee. When you apply for a mortgage this wont fly as you fill out a form 4506 which enables the lenders to verify your taxes. Without your written permission the lenders cannot verify your tax returns. This should give you a good start but there is more to think about than i just metioned....for example, you apply for credit at another dealership and he sends a credit application to the same bank as the previous but this time it looks much differnt. You also might want to try a credit union...sometimes credit unions have less restrictions and better rates(with good credit). Hope this helps.

For disclosure, i do not support or recommend any illegal or fraudulent activity.

[CslRkH2]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Intercooled:
If your credit rating is that good they wont even look at your income. Banks love to lend money to people with good credit. </div></BLOCKQUOTE>

X2

[Intercooled]

I got my loan through GMAC which is GM. I had my Loan in about 10 minutes, no money down. I dont know why you should be asked to provide a down pay if your credit is that good. The more they finance you for the more the bank makes. And if its a bank provided by th dealership there is usually kick back money.
Good credit with lots of debt is no good.Especially cedit card debt.
Let us know how you make out.

[Boss Hoss]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content"> if your credit is that good </div></BLOCKQUOTE>

Unfortunately a credit score is not enough information to know if someone has good credit. It is possible to have a 700+ FICO and to have had a bankruptcy which included two auto loans only a year ago. It is true, however, if you have a very good profile the bank will be happy to lend you money--and the dealership will be happy as well.

[hyperion78]

actually you do want some debt in your name... specially if you've been paying on it. thats what they like to see

[4churchill]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Intercooled:
I got my loan through GMAC which is GM. I had my Loan in about 10 minutes, no money down. I dont know why you should be asked to provide a down pay if your credit is that good. The more they finance you for the more the bank makes. And if its a bank provided by th dealership there is usually kick back money.
Good credit with lots of debt is no good.Especially cedit card debt.
Let us know how you make out. </div></BLOCKQUOTE>

the reason we preffer a bigger down payment is that often people who come in want a payment which is just unrealistic with $0 down. but often with (depending on the case) some money down, we can get people to their desired payment.

MONSTER if I can do anything to help, dont hesitate to contact me!!!!!

I am an F&I manager as well as sales manager at the store.