Can I get a car loan without proof of income?

I work for a company, but all my pay is under the table. I want to get a car loan, but I won’t have official pay stubs to show. Can I still get a loan?

Answer
Proof of income is one of the documents that a lender will always want to see before approving a candidate for a car loan. However, some lenders may be willing to work with you if you have great credit and offer a sizable down payment.
Without proof of income, you’ll be considered a very high-risk candidate by most lenders. Lacking this documentation will make it difficult to find a lender willing to hear you out.
To put a lender’s mind at ease, you may have to put a large down payment, perhaps 20% or more of the total cost. You may also be subject to higher interest rates (again, due to your high-risk classification). If you’re approved, double-check your final contract for any hidden fees.
When you get a car loan, you’ll be required to purchase full-coverage car insurance, but it doesn’t have to break the bank. Jerry can help you compare competitive quotes from dozens of top insurers, giving you access to the best rates.
Eric Schad
Answered on Oct 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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