Starting a new job next week and thinking about buying a CX-5 in December. The tricky part is that I won’t have two pay stubs until the last week of December. Does dealership financing usually ask for pay stubs? I have excellent credit; would that matter?
If your credit is good, they probably won’t ask. I’ve never had to provide anything other than my license and proof of insurance.
Lorin said:
If your credit is good, they probably won’t ask. I’ve never had to provide anything other than my license and proof of insurance.
That makes sense! Do you think I would still qualify for the promotional financing if I have great credit? Just trying to plan my budget, and the APR is important to me, so I’m hoping not to get surprised.
They didn’t ask for pay stubs from me, but they did ask for my employer’s contact info. I’m not sure if they contacted my employer, but it was pretty easy—just filled out an application online. My credit score was about 720.
@Jesse
Got it! Was the APR what you expected?
I made it clear upfront that if I didn’t get approved for 0%, I wasn’t going through with it. The finance guy said he had to talk to the bank (it was Mazda financing), but they got me approved for 0% for 36 months.
I did this once, and they accepted my offer letter with salary and start date as proof of income.
Darcy said:
I did this once, and they accepted my offer letter with salary and start date as proof of income.
Were you a recent graduate when you did this? I’m not a new grad, but I’m wondering if they only accept offer letters for new grads.
@Vitt
I probably was. The best bet is to just ask them directly.
They usually don’t ask unless you have bad credit or a history of repossessions, at least that’s been my experience.
If your credit is excellent and you have a solid credit history, they might ask for an offer letter before approving you.
I have 750 credit and a great finance history, and they never asked for proof of income. Luckily, I was laid off. I put my old employer and salary on my application, and they never double-checked.
Harmon said:
I have 750 credit and a great finance history, and they never asked for proof of income. Luckily, I was laid off. I put my old employer and salary on my application, and they never double-checked.
Yeah, I was laid off a year ago, and we’ve been holding off on getting a car until I got a new job. Now that I’m starting next week, we wanted to try to buy a car in December, but I won’t have two pay stubs. Based on what I’ve read, it looks like this shouldn’t be an issue—fingers crossed.
Yeah, car dealerships rarely ask for proof of income. It’s pretty uncommon.