Do I really need pay stubs for a car loan?

I need to get a car loan, but the lender said I need to show pay stubs as proof of income. I currently work as a painter, and I am self-employed. Do I really have to show pay stubs to get a car loan?

If you’re applying for a car loan, you will need some proof of income. For some lenders, this means supplying pay stubs.
If you are a W2 employee or have 1099 income, you may not have pay stubs readily available, but you do have some options. Most lenders will take your 1099 income as long as it is provable and reported. As such, you might have to provide two to three years of tax returns to prove you have a regular income without major gaps in employment.
If you don’t want to do that, your other option is to save up for a car and pay cash for it. Used cars can often provide a bargain, as they often have the same level of reliability without the high price tag.
Whatever you choose to do, don’t forget about your car insurance needs. With the Jerry app, you can compare dozens of quotes from top-notch insurers to get the best rate for your car insurance needs.
Eric Schad
Answered on Nov 08, 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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