Can I apply for a car loan without any proof of income?
The world of finance is intimidating and down right confusing at times! With phrases such as "strong co-signer required", "require proof of income", or "D.T.S ratio too high", there is enough financial jargon to fill a dictionary. For the average consumer the credit application and the approval process itself seem like rolling dice on the craps table, the outcome of your interest rate and your financial future is unpredictable. Don't let the situation overwhelm you, here is a quick and simple explanation.
When your credit score falls below 640, you are automatically been considered as a sub prime applicant. This means your credit rating is preventing you from borrowing through the normal channels such as your local bank or the vehicle's manufacturer. The next logical move is to apply to the sub prime car loan services. Because they accept lower credit score, in return they will want a higher return on their investment in the form of higher interest rates. Since these loans are still generated from the local banks, there will be stipulations attached such as "proof of income".
To overcome this problem you will need to find a "no credit" car loan provider, this type of loans are generated from private sources hence they will not require any proof of income. Some small dealerships today are offering such services, but you will need to do some research and home work before you commit to sign the dotted line. Make sure you are dealing with a reliable and trust worthy source before you hand over your hard earned money.
These "no credit" car loans are rare but they do exist. Think of them as your financial "rock bottom" but if you are in need of a car this maybe your last resort. Typical interest rates attached to these loans are similar to sub prime car loans, but if you default on a payment your vehicle maybe repossessed within 48 hours.
Author Rick Tao Li, for more useful articles please visit me online at http://www.usedcarsscarborough.com
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