2006-10-19 13:29:24 · 13 answers · asked by meway2hot4u 1 in Cars & Transportation ➔ Buying & Selling
no where unless u r paying cash 4 it
2006-10-19 13:31:22 · answer #1 · answered by LOLO 3 · 0⤊ 0⤋
Contrary to popular thinking, a reputable loan institution, where you will get the best financing, looks at more than just credit score.
They also look at debt to income ratio, i.e what you make to what your bills are. They look at time on job. They look at past loan history(you can have a decent credit score and not have a car loan or home loan in the past, and they may still say no).
So, an average credit score is not the only answer to getting a loan.
If you cannot PROVE the ability to repay the loan, you won't get the loan.
Independent contractors still have the ability to prove income, via tax paperwork, audits, etc. A person that gets paid cash has no papertrail to use as proof, in 99% of the cases.
Bottom line: Would you loan thousands of dollars to a stranger that couldn't prove they could pay you back?
Good luck!
2006-10-20 18:09:49 · answer #2 · answered by masterplanner04 2 · 0⤊ 0⤋
You may be paid in cash but there still needs to be a pay record kept by your employer, if not you need to find a legit job. I think you would have a hard time finding a loan while not being able to produce any income records. The people who loan money generally like to know that someone has some ability to repay the loan.
2006-10-19 15:17:04 · answer #3 · answered by bungee 6 · 0⤊ 0⤋
WOW! I love how vicious people can be these days! Just want to belittle the next guy who's in the same shoes they are! WHO SAID ANYTHING ABOUT WORKING UNDER THE TABLE OR AVOIDING TAX MORONS??? The guy just stated he gets paid CASH weekly instead of a check! There are numerous employers out there that do it but it doesn't mean everyone's scamming the system! And the guy could still have his Social Security as long as the employer pays into it! It's a separate issue folks!
Now that I've chastised these idiots for you the real answer to your question is that there ARE loans that DO NOT require income verification right through the dealers because my son just got one a month ago! It's up to the bank and how agressive they are seeking business! Just shop around and ask dealers for the "no income verification" loans. Someone in your area must be greedy for business-Hell, it's the American way these days!!!!
2006-10-19 13:55:51 · answer #4 · answered by Anonymous · 0⤊ 2⤋
I really would advise you to wait until your finances are a bit more under control. Getting paid unnofficially is going to make any legit money-lender's skin crawl. If you are able to provide physical proof (ie: that letter from the lady you work for) - that might come back and bite you BADLY. If you have been evading taxes and get caught - that would be evidence against you. You obviously need that car, but I swear the interest rates from the companies who would loan you the money will be frankly unbelievable. Help your husband to clear his CC - then he can act as your co-signer
2016-03-18 22:00:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You should still get a slip that shows your earnings.
If you're being paid under the table, you've just noticed one of the penalties of trying to get one over on the system! No proof of income!
2006-10-19 13:32:33 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
you gonna be crying when you go to sign up on social security because they base your check on every penny you have earned and paid taxes on. now if you get paid cash you not gonna have anyretirment. and i know you saying its gonna be gone when i retire anyway but that is a big cop out its gonna be there for you if you pay into it. you not gonna get someone to laon you money either because if you tell them you get paid under the table they gonna say the guy is a crook bounce him out of here .
2006-10-19 13:37:42 · answer #7 · answered by roy40372 6 · 0⤊ 0⤋
If you were a bank, would you loan money to somebody that can't prove income? Your best bet would be last years tax return.
2006-10-19 13:31:10 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Ha! That's what you get for working under the table, not paying taxes and for other benefits. Now the benefit of nothing goes to you. You're going to have to go underground, dude!
2006-10-19 13:32:20 · answer #9 · answered by Lydia 7 · 0⤊ 0⤋
Car dealerships have their own financing department. They will check your credit if you give them your SSN.
You don't need to prove that you work. All they care about is your credit rating.
How do you think independent contractors buy cars?
2006-10-19 13:33:07 · answer #10 · answered by errant_hero 4 · 0⤊ 1⤋
are there other ways you can get proof, say a reciept? you are going 2 need some form of income verification
2006-10-19 14:04:06 · answer #11 · answered by MiaDiva28 6 · 0⤊ 0⤋