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.

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Eric Schad
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.”
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