No income proof, can I get financed?

[evazquezcu]

Did you seriously star an April's Fools thread..? No register financial institution on planet Earth will lend you a penny without knowing wtf you are...

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[DFWBrad]

Being self employed, I don't have a w2 either. You just have to show you make income. Which if you file for taxes, or do anything legit. You should be able to prove this.

But seeing you have no credit or bank account. I assume you show "$0 income".

To live that lifestyle, you have to be able to pay cash for things. So either find $100k, or you shouldn't have put $1000 down. That's on you, not anyone else. Lol

It just throws red flags when you
1) paid down $200k in 5 years ($3500/m), but no way to prove where that money came from
2) don't have a bank account, yet aren't sitting on a chunk of cash
3) don't have a credit score, yet apparently making good money

If you're contract labor/self employed, and pay taxes. We can help you get stuff together. If you don't show any income to big brother, find a bucket of cash my friend. Else no cybertruck for you.

 

[Ward L]

Credit unions and banks do not require proof of income for a car loan. Remember 2008? NJNI loans? They did not learn for that disaster. They will ask how much you make, figure it all out and tell them. I bought a house once and they said I could get a better interest rate if I showed my W2. I thought why wouldn’t everyone show their W2???? Some may not have a W2 and some may be exaggerating their income a little. You might try to look up your credit score. If you are anywhere above 720, you have great credit. This may not sound right to someone like you, but it is.

 

[Propernice]

Ya, sorry man. The world is set up for credit. That said, Tesla nor any of the banks who financed my cars have asked for a W2. I do have a credit score though.

Need to either have good credit as in a FICO score or good credit among your friends and business associates for them to help you get what you need.

 

[C T Rick]

Tesla's financing partner may, but you'll have big downpayment and sky high interest rates.

Take it from me, I have an 830 credit score, I showed I have lots of stock investments and getting non-taxable six figure income from them and another near $200K on home equity.

But got into switch and bait that final offer was 30% downpayment and interest rates way north of 7%.

I laughed at them mockingly and told them I'll pay cash. So it's a loss-loss for them both, Tesla spread/rebate and their bank assured interest income for sure non-defaulting (non even delayed payment) customer.

Good luck but be ready to pay cash if you really want your Cybertruck.

Even paying cash requires a credit check. Believe me I have great credit, but when they run your credit it’s a hard hit for 2 years. Not much you can do about it either.
Rick

 

[SSonnentag]

Even paying cash requires a credit check. Believe me I have great credit, but when they run your credit it’s a hard hit for 2 years. Not much you can do about it either.
Rick

paid cash for my MYP in October. Tesla’s credit check had a very short term and minimum credit score affects if any at all.

 

[agordon117]

paid cash for my MYP in October. Tesla’s credit check had a very short term and minimum credit score affects if any at all.

Honestly it doesn't matter how small of an impact you think it had. If I hand them a cashier's check and they check my credit I'm going to be extremely pissed off. That would be really insane of them to do.

 

[SSonnentag]

Honestly it doesn't matter how small of an impact you think it had. If I hand them a cashier's check and they check my credit I'm going to be extremely pissed off. That would be really insane of them to do.

Not sure why. Even cell phone companies do credit checks. It doesn't have any negative effects, so why get upset about a company performing a minimal act to ensure they don't get screwed?

 

[agordon117]

Not sure why. Even cell phone companies do credit checks. It doesn't have any negative effects, so why get upset about a company performing a minimal act to ensure they don't get screwed?

I don't owe a monthly payment to tesla, but I do owe a monthly payment to my cell provider for service. And yes, it does have an effect. There's no such thing as a zero point hard pull.

 

[Kuiper__Belt]

I was going to suggest credit union as well. as long as you’re paying taxes, then you should be fine. If not, then your only option is the used market. Anytime you pay cash for a vehicle, feds/IRS whatever or notified and they will be an investigation. At least that’s what I’ve been told.

 

[Kuiper__Belt]

I don't owe a monthly payment to tesla, but I do owe a monthly payment to my cell provider for service. And yes, it does have an effect. There's no such thing as a zero point hard pull.

True unless it’s a prepaid/burner phone..

 

[Kuiper__Belt]

True unless it’s a prepaid/burner phone..

However, do things like electric bill and Gas bill go towards credit? I would think Internet bill for your house would contribute to a credit score

 

[SSonnentag]

I don't owe a monthly payment to tesla, but I do owe a monthly payment to my cell provider for service. And yes, it does have an effect. There's no such thing as a zero point hard pull.

According to Bing's AI.... (not sure how much I trust AI responses, but here it is anyway)


When you’re paying cash for a car, it might seem puzzling that car dealers still insist on credit checks. After all, you’re not applying for financing or a loan. Let’s explore the reasons behind this practice:

1. Anti-Money Laundering Measures:
   • In the wake of the September 11 attacks in 2001, the United States Government implemented stringent measures to prevent money laundering by criminal organizations and terrorists.
   • Car dealers are required to verify the identity of customers making significant transactions, even if they’re paying in cash. This helps prevent illicit funds from being moved across borders or into the hands of dangerous individuals12.
2. Fraud Prevention:
   • By conducting credit checks, dealers can verify the customer’s identity and ensure they are not dealing with a fraudulent transaction.
   • Even if you’re paying cash, attaching the car to a name requires verification. Credit checks serve this purpose, helping prevent scams and unauthorized sales3.
3. Commission and Profit Motives:
   • Car salespeople and finance managers earn commissions from car loans. When you pay cash, they miss out on this additional profit.
   • By encouraging you to use their financing, they aim to secure that car loan commission.
   • Paying with cash also prevents them from adding unnecessary extras to your deal, as there are no monthly payments to hide them within1.

In summary, while it may seem counterintuitive, credit checks when paying cash serve legal requirements, prevent fraud, and align with the dealership’s financial interests.

 

[evnow]

no offense, but I’d rather a vegan date
my daughter over you.

Seriously ? In 2024 you write this ? Under which rock do you live ?

I'm not a vegan but it is very offensive.

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