Applying for an auto loan hassles

[madoka]

I'm applying for a car loan. Even though I'm putting 40% down and have a 826/850 credit score, the bank wants my tax returns and several months of bank statements (to prove income and source of down payment). I don't remember it being this complicated. Is it normal to ask for this much information?

 

[IronWing]

I pay cash so I have no idea.

 

[shortylickens]

Im sorry your bank sucks.

Navy Federal did it for me in 6 minutes.

Over the phone.

 

[dainthomas]

I've never had a bank ask for tax returns for a car loan.

 

[BudAshes]

Must be a big loan. If it's under 50k I doubt they would do this.

 

[AznAnarchy99]

Must be a big loan. If it's under 50k I doubt they would do this.

Yeah how much is your loan? Only time a loan wanted my taxes, statements to prove downpayment was when I was buying my house.

 

[Chaotic42]

Weird. My credit union was all over loaning me money, giving me a way larger credit line than I asked for. $35K? Let's just make it $50K in case you want something more expensive.

Crazy.

 

[AznAnarchy99]

Weird. My credit union was all over loaning me money, giving me a way larger credit line than I asked for. $35K? Let's just make it $50K in case you want something more expensive.

Crazy.

That's how they get you hoping you'd go out and buy something and rack interest. Even if you just wanted to take that money and pay off the principal right away you gotta jump through a hoop or two to get it applied to your principal.

 

[madoka]

Yeah how much is your loan? Only time a loan wanted my taxes, statements to prove downpayment was when I was buying my house.

The loan is for six figures.

 

[dasherHampton]

I'm assuming you don't have a previous relationship with this bank?

Is this a private sale? Did they ask for an appraisal?

 

[zinfamous]

Damn, so much hassle just to buy an 8th car.

...so was your Datsun GT getting lonely and needed a sibling?

My guess is they are asking for the info because they see your car loan history, and want to make sure you can make the monthlies on all those loans, especially with yet another high-end loan.

....posting in a brag thread. Also, please make sure to post pics of the new car loaded with legos!

 

[madoka]

I'm assuming you don't have a previous relationship with this bank?

Is this a private sale? Did they ask for an appraisal?

I do have a relationship with them. They (a credit union) financed my GT-R. I volunteered to move another $80K into my account to prove my down payment so they wouldn't have to ask for more financial statements, but that wasn't good enough.

It's a new car from a dealership. The bank did ask for the retail price of it, but no appraisal.

 

[zinfamous]

oooo, ~$170k? please tell me you're getting a 488 or something nuts like that.

 

[madoka]

My guess is they are asking for the info because they see your car loan history, and want to make sure you can make the monthlies on all those loans, especially with yet another high-end loan.

All my cars have been paid off for years. What they should have seen is that I pay them off early by several years.

....posting in a brag thread. Also, please make sure to post pics of the new car loaded with legos!

I actually just wanted to see if I am justified in complaining about their requests before I did.

The brag thread could come later when I load it up with Lego. But it seems half you guys think I'm just trolling anyways, so what's it matter?

 

[zinfamous]

All my cars have been paid off for years. What they should have seen is that I pay them off early by several years.



I actually just wanted to see if I am justified in complaining about their requests before I did.

The brag thread could come later when I load it up with Lego. But it seems half you guys think I'm just trolling anyways, so what's it matter?

I don't think you're trolling. I actually enjoy your posts because I think they are completely mad. In a good way, though.

 

[AdamK47]

I'm applying for a car loan. Even though I'm putting 40% down and have a 826/850 credit score, the bank wants my tax returns and several months of bank statements (to prove income and source of down payment). I don't remember it being this complicated. Is it normal to ask for this much information?

Impress them with photos of your Lego collection along with the house you bought next door to store said Lego collection.

It's a done deal after that.

 

[NoCreativity]

I actually just wanted to see if I am justified in complaining about their requests before I did.

I had to jump through similar hoops 10 years ago with a used car my wife bought and they came back to us several times for more documentation. 800+ credit from me, hers was around 700. We were new to the credit union but I guess two incomes making 10X the loan amount per year wasn't good enough. That experience made me switch to penfed for our next loan. About 10 minutes online and everything was ready to go.

 

[RLGL]

You self employed? That be one reason.

 

[pcgeek11]

I'm applying for a car loan. Even though I'm putting 40% down and have a 826/850 credit score, the bank wants my tax returns and several months of bank statements (to prove income and source of down payment). I don't remember it being this complicated. Is it normal to ask for this much information?

No, it is not. I would tell them to go screw. My last loan for a vehicle involved a 5 minute phone call.

 

[pcgeek11]

The loan is for six figures.

Well that is a whole different story. You paying 40% down and the loan is still 6 figures.

 

[Schfifty Five]

All my cars have been paid off for years. What they should have seen is that I pay them off early by several years.



I actually just wanted to see if I am justified in complaining about their requests before I did.

The brag thread could come later when I load it up with Lego. But it seems half you guys think I'm just trolling anyways, so what's it matter?

You know, someone as wealthy as you claim to be wouldn't be asking questions like. So yeah....

 

[AdamK47]

You know, someone as wealthy as you claim to be wouldn't be asking questions like. So yeah....

I think we've all been giving him sound advice on making this six figure car loan go through.

 

[momeNt]

You know, someone as wealthy as you claim to be wouldn't be asking questions like. So yeah....

Most of the wealthy people on this forum are wealthy BECAUSE of our advice. Why learn things that aren't important yourself when you can delegate to experts? He can remain an expert on what makes him actually earn money, not be an expert on how to spend it.

 

[kranky]

Since you have a relationship with them, why not call the branch manager and ask what the problem is? Just say you aren't interested in providing tax returns and given your credit score and history with them, you feel this is turning into more of a burden than it's worth (if you're prepared to shop elsewhere for your loan.) I know I would shop around before I'd provide tax returns for a car loan.

 

[Captante]

Impress them with photos of your Lego collection along with the house you bought next door to store said Lego collection.

It's a done deal after that.

Did you show them your post-count?