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Is it possible to get a car loan with no income on paper?
I want to take out a car loan, but I currently work on a freelance basis for straight cash. Can I still get a car loan if I don’t have proof of any income on paper?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although it’s not impossible, getting a
car loan
without physical proof of income will likely be quite difficult. Most lenders want to see proof of income, typically within the range of three to six months of consecutive payments. If you don’t have any pay stubs, W-2s, or 1099s, you can’t prove you have a steady income—which will make lenders skeptical about your ability to afford a car loan.
You may have to get creative in order to show proof of income by:
- Keeping track of your bank account deposits
- Presenting bank statements to your lender
If you don’t have the right proof of income, it will be even more important to show a good or great credit score (650 to 750+) and be prepared with a down payment of around 20%.
Pro tip: You may want to consider finding a
cosigner
. This person represents a trusted third-party member (typically with good credit) who endorses you on the loan. Cosigners can significantly increase your chances of getting approved for a loan without the usual proof of income—but be mindful that any payments you miss will fall to your cosigner to pay.
Keep in mind: If you get approved on your own or with a cosigner, remember to budget for your
car insurance
, too—most lenders require you to take out full coverage as a condition of your loan. View full answer
- Gregory R.
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