Question by bybreezy89: What will be the consequencies if i lie on a auto loan application about my income. …?
I mean i do understand the seriousness/fraud and all that stuff. But me and my g/f share income so i just added myself and hers together, plus i put in an extra few hundred, to look good. Do they require pay stubs when you get a used car at a dealer?? That’s the main question.
Second is it better to just list my g/f who has better credit on the app but lower income, or list myself and her because i have bad credit and high income?? this is a good one…lol….
when applying for the loan will giving them proof of my recent pymts on my credit report help. i payed off the cable bill on there for a while, have proof of it, will that help if i give that to them. i don’t think it has been taken off my credit yet as paid in full.
what does your credit score have to be to get let’s say a 10,000.00 personal loan through your bank? Bank of America to be exact.
Than for all your answers, much appreciated!!!!
Best answer:
Answer by jmason024
You will have to prove your income, and your credit report will not reflect you cable bill, so the bank will not consider it. What is bad credit? If you score in the high 500′s, you should be OK. Joint app’s can be messy, especially if you break up over the term of the loan. Your bank will probably not give you a loan for the car unless you have a great banking history and a good credit score. Try Lendingtree.com or some of the other Internet sources that will search multiple lenders for you, at least that worked well for me. After a year of making on-time payments, you will be able to refinance your higher interest rate to a lower one. Mine went from 11.5% down to 9%. It saved me about 20 bucks a month. My credit score also went up from about 580 to 650 in a year because of the good credit I established by paying on the loan. Good Luck.
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Auto dealers will get financing for a “monkey” if one walked in. “Finance” managers at large auto dealers have many avenues to establish a loan for anyone. They work on “volume” and have established connections with “banks” and other “financial companies”. Look at the auto dealer as the “guarantor”, or one that “guarantees” you are a good “risk” to maintain payments, on time. This is the connection between, in your case, auto dealer and Bank of America. In other words, dealer’s “finance” managers sends ONLY necessary info to the bank, the bank approves due to the dealers “good standing” on sending multiple loans, they also indicate the interest rate, and “bingo”, you own a car. “Credit Scores” from 660 and above, that is all they need and your interest rate adjusts from that point. If you are in the 500″s (top to bottom) financing may be shopped and show many, many “hits” to credit reducing a “score” significantly. Auto loans that may go into default with the bank is a “minimal” lose compared to the many loans paid on-time each month, the “interest” is profit for banks.
If you DO NOT have “good” credit you seriously need to improve your “credit” FIRST, keep your old car for now. FACT, on average, those acquiring an auto loan in the 500′s score are paying approximately $ 170 to $ 210 more monthly than if your score was 680.
As far as your credit report, you should have saved your money on the “cable” bill. Again, if your credit is that “bad” work on this first, if not you will be in “financial” difficulty for “life”.
Honesty is the best policy. If you lie, it may rise up and bite you. Thus: 1]They require documents for any kind of loan transaction. They have computers, too. 2] If you enter into ANY business transaction with your girlfriend, make sure you have a signed, notarized contract with her, so you don’t end up in a messy “divorce court” after a argument or falling out. Finance problems are the #1 cause for breakups!!! Not to be pessimist, but look at the statistics. Be
concise/precise/anal. If heaven forbid, any mishap takes place [Hey, it could be a car accident, or work lay-off, a hurricane-you NEVER KNOW] your girlfriend is at risk of having her credit diminished. You love her, you don’t want that, do you? 3] Better credit speaks louder than income. You have higher $ $ , bad credit; you’ll spend more of that income on APR/ payback% et.al. 4] if you paid off the cable bill, go directly to the credit reporting agency & update your records @ THE SOURCE. That’s your responsibility. 5] The higher your credit score, the better the deal you can get for a loan. Also, depends upon the collateral you can present, job history, outstanding debts, etc. It’s subjective information no matter where you bank. 6] So if you need your girlfriend on the loan ap, just be honest about it & do it jointly [remember to do a contract with her, I kid you NOT]
You don’t want fraud on your record. Dont be mean, stay clean.
p.s. It’s always prudent to have separate accounts, and THEN perhaps open a joint account. No muss, no fuss. In the case of a dissagreement, the legal fees would wipe out any “advantages”, anyway! Stress-free 4 all!!
It depends on if and when they find out.
You should be aware that if they really decide to make an issue of it, they have the right to cancel the loan and demand repayment, in full, right now. They can also refer you for prosecution for bank fraud.
It also might come back to haunt you later.
Duh…
You say that you “understand the seriousness” etc., but your posting indicates just the opposite. Buying a car jointly is a disaster waiting to happen.