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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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