What happens if you lie about your income on a car loan?

I want to get a car loan, but I don't make enough money to buy the car that I want. What happens if I lie about my income on the application?

Don’t do it! While lying about your income to get a car loan is tempting, it’s considered fraud. If you’re approved for the loan but this lie comes out, you may face fraud charges that can land you without a car, not to mention facing fines and possible jail time.
Instead of lying on your loan application, adjust your budget to fit your needs. While you might want a brand new Mustang, there’s no shame in getting something in your price range. You won’t have to lie on your application and you won’t stretch yourself too thin financially.
If you’re already stretching yourself too thin on a car note, don’t forget that you need full coverage car insurance. This type of insurance can often cost as much as the car payment itself, so you need to budget for both expenses.
If you get approved for a car loan, use the Jerry app to compare rates from up to 50 insurers. Jerry will even take care of the paperwork so you don’t have to. Car insurance buying has never been so easy.
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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