Nancy Laymann
by on September 14, 2020
Are you tired of traveling in cabs? Do you want to buy your car? Need help with finances? No worries we’re here to help you with car loan details.

Depending on others for vehicle support or booking a cab every time you want to go out can be exhausting and an added expense at the same time respectively. Buying a personal car or vehicle is made easy by banks with the help of personal or car loans. For loan approval, you need to verify your income details at the bank and provide them with some identity documents and you are good to go.

But the question is can you still get a car loan with no income verification? Are you still eligible for bank loans? Well, the answer to this question depends upon the lender to lender. Every lender has its terms and conditions.

Car Loan Eligibility:

So as said that car loan eligibility varies from lender to lender. Therefore it is necessary to check all the required eligibly and documents on the website of the lender or if you choose to get a loan from banks it is important to read all the documents before applying.

The standard eligibility to apply for an auto loan:

• The applicant must be above 21 years of age.
• The applicant should be employed for two years.
• The applicant must have an annual income of 2-4 Lakhs.

Documents to Apply for Car Loan:

• Identity Proof: The valid identity proofs are Aadhar card, PAN card, Driver’s License, or Voter’s ID card (anyone).
• Age Proof: The identity proof may work for this but the class x mark sheet will also work.
• Address Proof: Electricity bill will work.
• Income Proof: A salary slip from your employer or your bank statement.
After all this information the question remains there. Can customers with no income verification get an auto loan? Luckily yes!

Any person who is employed, self-employed, or business owner wants to apply for an auto loan but have difficulty in getting a valid income proof can still get a car loan because many lenders only check your bank transactions or if you have a good 680 credit score car loan it will work as income proof for your car loan.

No proof of income car finance can be a little tiring and may get you daily visits at the lender’s office or your bank but in the end, the result will be fulfilling.

How to Apply for No Income Verification Car Loan?

There are a few points to keep in mind while applying for no income verification car loan:

• You may have to pay a large down-payment to get an early loan verification.
• Bank statements and income tax returns will also work.
• Don’t have any pending credit card bills or any other bills as it may hamper your good image and will help in maintaining a poor credit score.
• With all the regular documents you will need some extra documents such as bills of your expensive purchases or residential proof, credit card bills, and a guarantee.

With the above-mentioned documents, you can easily get your auto loan. Co-corporate with your lender and get the keys of your car in your pocket soon.
Posted in: Finance, Loan
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