Why does the finance department of a car dealership need my bank statement?
Why does the car dealership need my bank statement? I want to finance through the car dealership, but they want all kinds of different documents. I feel uneasy about giving them my bank statements.
Answer provided by
Answered on Jul 14, 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.
“Providing a bank statement is just another way of verifying your income.
For example, if you own your own business or you’re a freelancer, you probably don’t have pay stubs. As an alternative, the car dealership will ask you for your bank statements.
It’s standard procedure for financing, so don’t worry about it too much.
The dealership will ask for many other documents in order to approve you for financing, which is a normal part of the process. Be sure to come prepared to the dealership to make the car buying process easy.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Where can I find towing coverage for my car?
Where can I get one for any future incidences? Last week I accidentally forgot to turn off my headlights before I headed into work. Needless to say, 10 hours later, the battery was dead. $150 later, I realize I wish I had bought a towing package.
Jul 14, 2021
Do car dealerships always run your credit score?
"Do car dealerships always run your credit? I want to buy a car, but I'm also shopping around for a home. I don't want the financing for the car to cause a hard inquiry, which can lower my credit score and affect my mortgage rate."
Jul 14, 2021
What can give me peace of mind on a 1,000-mile road trip?
What should I do to prepare for a 1,000 mile road trip to St. Louis? I'm relocating from New York City to St. Louis for a job. I'm getting my car checked by a mechanic before I leave, but I don't have total faith in the vehicle. I'm nervous about driving my car and need some peace of mind.
Jul 14, 2021