How can you get an auto loan without proof of income?
Friday, October 28th, 2011 at
09:39
Question by Tracy B: How can you get an auto loan without proof of income?
My mom has worked for a small retail shop for about 5 yrs (she's the ONLY employee) and she gets paid in cash (the owner doesn't file payroll tax). Will a letter from her employer stating how much she makes suffice as proof of income when applying for an auto loan? If not, how could she go about providing proof? Any suggestions would be a great help. Thanks in advance
Best answer:
Answer by jlf
Sounds like she's being paid under the table. Both the employer and her are breaking the law, in that case. No lender will be willing to make a loan.
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US $7,500.00
If her employer pays her cash, she should be filing tax returns for the income she gets in cash, her employer is paying her as a contractor. The tax returns will verify income. If she is not filing taxes, she is breaking the law and there is no way to verify income.
Does she have a bank account, member of a credit union, or credit cards.
I have bought several new cars with loans, While they do ask my income and where I work, I have NEVER had to prove it.
But then my income is recorded each year on Tax returns, not that I have ever provided them or even signed releases for them to be viewed.
Nope, the letter from her employer is useless. The employer would never do that anyways because he will have to admit to tax evasion. She will have to provide income tax returns as her only solution. If she does not file because of the employment solution, then she is out of luck. That is the price you pay when trying to hide your income from the tax man.
So your mom and her employer are tax cheats? Criminals? Well when you decide to be a criminal there are consequences to that. Since your mom likes doing business with crooks I suggest she finds a loan shark.
I am amazed by all the answers that assume that just because your mom’s employer is a tax cheat that that automatically means your Mom is as well. Shame on them < (*_*)> I am going to assume that your Mom is not a piece of pond scum and files her taxes honestly. That being the case all she has to do is take in a copy of last years income tax papers and that will suffice. She should also go to Http://www.daveramsey.com and type drive free into the search bar. It will bring up a 2 min video explaining how she can drive free.