No Doc Car Loans
A no doc car loan is a good idea for an individual who is self-employed or a company who cannot verify their income details with pay slips or tax returns. A person who makes a sporadic income doing a job such as with a roadside stand may consider a no doc loan. Anyone who receives their income by a non-traditional fashion should think about this type of loan when they need money. For example, a seasonal worker such as a laborer on a golf course will not be able to show a regular income all year long, which will typically deny them for a traditional loan. When you do not work at a traditional job and receive a regular paycheck, a traditional loan can be hard to get. They require a proof of income, along with a lot of paperwork, while a no doc loan usually requires a statement of income declaration from the borrower.
In order to be approved for a no doc car loan, you will need to have a very good credit score. Your score must be between 720 and 900 to qualify. You will then need to decide the amount of money you will be putting down on the loan. This type of loan requires the borrower to put a large percentage of their purchase price down to be eligible. You will also be asked to provide the usual personal information, such as your full name, address, phone number and so forth. When you are able to meet these requirements and prove that you are a good risk, you will be eligible for a loan.
A no doc loan does come with higher interest rates. Be sure to know ahead of time just what your interest rate will be so that you can adjust your budget accordingly. If you feel that the interest rates are something you can financially deal with, then you will want to sign the paperwork. Make sure that you find a broker who has a good and fair reputation. You do not want to end up with extra fees and charges tacked onto your loan that you are not aware of. You can check with the national Better Business Bureau to get more information about the company, or check with your local chamber of commerce.
A no doc car loan can be a great option for someone who cannot prove their income on a regular basis. When you need a loan for a vehicle, consider this alternative.