“Lenders have a number of ways to ensure that you’re financially ready for a loan.
First, they will likely check your credit score. If you have excellent credit, they may not need to see your income verification to ensure that you can pay back the loan, but some lenders will ask, anyway.
In addition to obtaining your credit score, income documentation, and the price of the vehicle you’re looking to get a loan for, a lender might calculate what’s known as a debt to income ratio. The lender will calculate this ratio by taking your bills every month and divide that using your income before tax. If the ratio seems too high, they might ask for further income documentation to ensure you can afford the loan.