If you want to buy a car, you either have equity or the car has to be financed with a loan. Interest rates are currently at such a low level that a loan is worthwhile. The best way is to go to an independent bank, because then the borrower will benefit from a good discount from the car dealer. Most banks want to secure a loan. That is why they use an income statement to check whether the borrower has sufficient income to pay the installments on time. Without such a salary or pay slip, a car loan without proof of salary is only possible in rare cases.
The house bank
The best point of contact for a car loan without proof of salary is the house bank. The bank advisor only needs to take a look at the account management in order to get an idea of the customer’s solvency. If no direct debits have been returned or if the account is not regularly in the red, a commitment for a car loan without proof of salary is almost certain.
Online banks have better conditions. However, they are of no use if the borrower cannot show proof of salary. It is not enough for online banks for credit seekers to provide income information. Proof of income must always be provided by sending a copy of the salary or wage slips. The banks also ask for the latest bank statements and possibly a copy of the employment contract.
There is a lot of talk about the benefits of online financial institutions. There is no question that online loans are cheaper. However, sometimes it may be necessary to contact the house bank. Now it shows how important the contact between the bank and the customer can be. The personal discussion can clarify ambiguities, for example when a Credit Bureau entry has been completed.
Financing a used car
It doesn’t always have to be a new vehicle. At least that’s what many consumers think. To purchase a car, contact a special used car dealer. In order to finance this car through the dealer, a proof of salary does not necessarily have to be presented. The loan amount is significantly lower than when buying a new car, which is why some dealers make a car loan possible without proof of salary.
However, if the car is financed through the car dealer, the discount does not apply. It is only available with cash payment and reduces the purchase price. It is therefore sensible if the car is not financed by the dealer. Now it shows again what advantages the house bank has.