What do P.O.I and P.O.R. mean regarding a car loan?

"I want to get a car, but my credit score is 475. A local dealer says they can finance people with bad credit, as long as they present P.O.I. and P.O.R.

What do P.O.I and P.O.R. mean for a car loan?"

Answer
“P.O.I stands for proof of income. This is a typical requirement for all car loans. To prove your income, you only need to provide pay stubs for the past several months.
P.O.R. stands for proof of residency. This is a federal requirement to get a car loan. For proof of residency, you can use numerous different documents, including a:
  • Driver’s license
  • Utility bill
  • Phone bill
  • State-issued ID
By providing P.O.I and P.O.R., you’re one step closer to getting a car loan. But, with bad credit, the interest rate might be sky-high.”
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Eric Schad
Answered on May 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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