When you apply for auto loans with bad credit the lender will require that you furnish them documented proof of income before they will disperse any funds. This can be challenging for some people particularly if you are self employed or work on commission. Below is few ways to prove your income that most sub prime lenders will accept.
1)Computer Generated Pay Stub- This is obviously the easiest and most preferred way to prove your income. Provide a copy of your most recent pay stub to the lender when you submit the application. If you don’t have your most recent then provide the closest that you have but no further back than 30 days. Most sub prime lenders will not accept pay stubs over 30 days old. Make sure the copy that you provide has your year to date total on it.
2)Provide 3 Months Of Bank Statements- Some sub prime lenders will accept your most recent 3 months of bank statements. This is helpful if you are self employed, work on commission, or get paid as jobs are completed. The lender will total your deposits from your bank statements and average them out to determine a monthly income amount. Be careful here because some lenders will not count any month that has an over draft or negative balance.
3)Employment Letter- Some lenders will accept a letter from your employer stating how much your income is. This is particularly helpful if you just started a new job and have not received a pay check yet. This letter should be on company letterhead and list you name, your hire date, and your wages. Make sure it is signed and dated by an officer of the company you work for.
It is important to find out what type of proof your lender will accept to verify your income ahead of time. Have copies made and ready to submit with your application.
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