Is it possible to get a car loan with no income on paper?

I want to get a car loan, but I currently work for straight cash. Can I still get a car loan if I don’t show any income on paper?

Answer
Getting a car loan when you don’t have physical proof of income will be quite difficult, but it’s not impossible.
Most lenders will want to see proof of income typically in 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.
You’ll just have to get creative to show proof of income. You can keep track of your bank account deposits and try presenting a bank statement to the lender.
Another alternative is to get a cosigner. If you find a trusted third party with great credit to cosign on your loan, you’ll increase your chances of getting approved without the usual proof of income.
If you don’t have the right proof of income, it will be even more important to show a good or great credit score and be prepared with a down payment of around 20%.
If you get approved on your own or with a cosigner, remember to budget for your car insurance. With the Jerry app, you can compare rates from over 50 insurers to get the best coverage at a great price.
Eric Schad
Answered on Nov 15, 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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