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Why do I need pay stubs for a car loan?
I went to get approved for a car loan, and the loan officer told me I need to show pay stubs as part of the application process. Why?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Pay stubs are a normal part of getting a
car loan
because they fulfill the lender’s requirement that you show proof of income. W-2s, 1099s, tax returns, and sometimes bank statements can count as proof of income. (Just ask your lender what they accept.)In addition to proof of income, you will need to present:
- Proof of insurance
- Proof of residency
- Proof of identity
- Information for the vehicle, most likely the VIN (vehicle identification number)
Coupled with your credit score, income is probably the largest determinant of whether you’ll get approved for a car loan. If you can gather pay stubs, it’s much to your advantage.
Once you get approved for a car loan, you will also need to provide proof of
full coverage
car insurance. Jerry
can help! Sign-up only takes 45 seconds, and you’ll be able to compare competitive quotes from over 50 top insurers. View full answer
- Gregory R.
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