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#COPY OF SEE FINANCE 2 MANUAL#
#COPY OF SEE FINANCE 2 VERIFICATION#

How Do Banks Verify Income for Auto Loans?īanks and finance companies verify income for auto loans for marginal applicants by reviewing proof of earnings documents provided by the individual.

#COPY OF SEE FINANCE 2 VERIFICATION#

Truework © provides a similar offering to help companies streamline their employment verification processes.

The Work Number © touts a file consisting of over 115 million active records to check applicant-provided information.

Typically, large corporations participate while small businesses do not. The process is speedy, reliable, and discreet – if your employer shares data with industry providers. This method relies on a database of pre-published employment information. Electronic Verificationīanks and auto finance companies frequently utilize electronic verifications to confirm employment rather than phone calls – if they can find a record.

#COPY OF SEE FINANCE 2 MANUAL#

Marginal applicants fall into the middle ground and typically require manual underwriting review, including verification of income and employment before the lender can decide to approve or decline. Instant declinations have a bad credit history with no down payment and a debt-to-income ratio that is way too high given the vehicle price.

Instant approvals have stellar credit scores, large down payments, and an affordable debt-to-income ratio based on the vehicle price.

Many lenders make automated underwriting decisions using software systems without verifying employment. Marginal Applicantsīanks and auto financing companies are most likely to contact the employers of marginal applicants – whose employment they cannot verify electronically and whose credentials fall into a middle ground. Instead, you might want to clear up matters before walking into the showroom, knowing the exact price of the vehicle you can afford. If you just started a new job and borrowing credentials are on shaky ground, waiting until the last second to arrange a loan (after picking out a new car at the dealer) is not a great idea. The third-party handles verifications rather than the dealer.

How Do Banks Verify Income for Auto Loans?ĭo car dealerships call your employer to verify employment? Most dealers refer customers to third-party companies, so the direct answer is no in most cases.

Do Car Finance Companies Contact Employers?.