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Thread: How to get a new car w/o proof of employment

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    Default How to get a new car w/o proof of employment

    This will be a very long post. I hope it helps somone because stripperweb has helped me in the past. if you do not have the patience to read this then you obviously do not need the help that badly.

    First let me say i found this website when looking everywhere online for information on how to rent an apartment/house and get a car new or used without proof of income/employment. i found many websites but the advice given by the girls here was most helpful. i'm going to explain to you all exactly how i was able to get a car with no money down and no trade in.

    I was self employed and have been for almost a year. I had an income of $3000-$3500 a month. I had no employment the year before i became self employed and the year before that I only worked for 6 months making 14$ an hour. 1/2 of that 6 months was for a temp agency. in other words I had very sketchy employment history for the past 3 years. I have 30,000$ in student loans i am years behind on and 10,000$ in credit card debt that has went into default for lack of payment for several years. my credit rating is almost as bad as possible, it is around 450. i think 400 is rock bottom.

    I found a company online that lends money for people to buy new and used cars. the name of the company is ROADLOANS and company is owned by Ford motorcompany. you must be over age 18 and have a valid drivers license to fill out the very brief online application. i was extremely skeptical i could get financing from anyone other then those rip off used car places that charge you 20% interest or make you pay every week! i filled out the application anyways cuz i had nothing to lose. I told them on my onlline application i was self employed as a web designer and that i made 3500$ a month. they sent me an email a couple days later telling me i had been approved for $7,000 - $18,000 financing at 14.67%!! whoa i didn't believe it i thought i was being led on and there was a catch. they sent me a blank check in the mail via DHL and more application information that told me i had to send them a few forms like... a copy of my drivers license and current proof of liability auto insurance. along with 3 references (relatives) but they told me i did not need to complete the employment history section. I COULDNT BELIEVE THIS! so i called them 3 separate times to get 3 separate verifications that the blank check they sent me (good for 7k-18k my choice) was real and not a gimmick. every representative i talked to told me that i had been approved and that i did not need to prove income. they also knew about my credit history because they had me verify my identity by telling them a name of a past creditor on my credit report. ok so now im shocked. i have no credit, they know i am putting NO MONEY down, all they know is i told them i have 3500$ a month income. anyways i didnt care if they fucked up or were desparate for customers i went ahead and found some cars online i liked in the 10k range. they happened to be used. i called 8 dealerships and asked them if they accepted checks from roadloans.com and they all said they would rather finance me themselves but yes they would take the check, however i would have to wait 48 hours roadloans to activate the check once they sent in the paper work.

    roadloans has certain requirements on the car you buy to prevent you from getting ripped off and them from getting ripped off if you don't pay. the car has to be in your state. the car has to have less then 70,000 miles and cant be older then year 2000. the car cant have more then 500$ in add on options but you can have all the extra warranty options you want as long as the cars total cost is not more then 120% of the retail value according to . i found a car that was 1 1/2 years old and had 20k miles on a no haggle lot. oh yea the car has to be on a major car dealers lot like ford, honda, toyota, mercedes, etc. not from a private seller or one of them independant lots. i added on an alarm system and an extended warranty and filled out the paperwork at the dealership. the dealer won't ask you about credit or proof of income because they know you have roadloans blank check. the dealer has to submit their paperwork to roadloans so roadloans can check to make sure the car meets the above requirments. oh yea. the dealer will also add on the cost of tax and license to the price of the car and will write you a check back for that ammount so you can have money to pay those fees after you buy the car. at my request the dealer set me up with a rental car for the couple days it took for roadloans to approve the car and activate the check so the dealer could deposit it. i recieved a call from the dealer once the check was activated and told to come in and pick up my car!! during the approval process i'm worrying thinking i'm gonna get a call from roadloans telling me i need to show proof of income or i need to put money down or my interest rate has been rasied because don't have proof of income/employment. that im gonna be scammed for more money! but it never happened they told me once they send you the check in the mail you are almost always garunteed to be able to use it. i asked 2 dealers several times "do you get alot of these roadloans checks held up or rejected" they all told me once you get the check and the car meets the simple requirements you are good to go.
    14.67% is high unless you have bad credit. my father has excellent credit and he just bought a car at 9% but my sister who has average credit just got a car at 11%. some credit cards may have rates lower then 14.67% but i can not get those even for 500$ yet i got a car loan for 14k at 14.67%. you have a choice for the loan duration. my loan was for 72 months! thats a very long time and i will definitely pay the car off before this to save my self money in interest. the good thing is THERE IS NO PENALTY for paying off the car early! however if you pay a few months ahead, payment is still due the next month. you can't pay 6 months up front then not have a bill for 6 months.
    one very very critical word of caution. the dealer wants to finance you himself! he realizes that he could make thousands of dollars on interest instead of roadloans and so he might try to bullshit you big time telling you that there is a problem with your roadloans check and he can fix it by financing you himself. this is a commmon tactic dealers use to trick customers into financing through them. DO NOT FALL FOR THIS!! get on the phone and call roadloans and find out for your self and if the dealer is lying walk out and do not go back. this happend to me on the first car i tried to get and the lady at roadloans called him to do a conference call with me to show he was a liar and trying to "flip " me to his financing. she called him on his bullshit tactics and he admitted it and hung up on her. he later called me and told me he made mistake with his numbers! omg i was irate and told him he lied to me and i had found somone else willing to take my money.

    just to clarify the price of the car plus any extended warranties, add on options, tax and license and document fee cannot be more then 120% of the retail value of the car as listed on so if the nada vale of the car is 10,000$ your total price you write the check out for the dealer cannot be more than 12,000$ this prevents the dealer from selling you a car worth 10,000 for more then 12,000$ in roadloans mind there is no reason to evey pay the dealer more then 20% more than the car is worth. duh! but yes some people get horrible deals on cars because they do not do research. the first car i almost bought was worth 9700$ but listed for 13k at the dealership! thats 30% more than it is worth and im sure some idiot probably will get them to drop the price 1,000$ and still be paying more than 20% more than it is worth and think he got a good deal.

    finally.... roadloans has gotten some bad reviews at 1 website. i think it is called ripoffreport. every one complains that roadloans comes after you like the dickens when you are late on a payment. that they use hard nosed tactics to collect their money and will call you constantly at wild hours demanding payment. this is what you accept when you have shitty credit or cant prove employment. if you pay on time, which you can do online actually, you should have no problem. they get their money plus interest and you get the car you couldnt have otherwise. i have talked to 6 people at roadloans and they were always very nice and professional the one lady even fought the finance guy that tried to scam me.

    if you have better credit or can put money down or have a trade in you might get a much better interest rate. i have seen people online say they have recieved less then 9%. the interest rate is always locked in! it does not change as the months and years go by! if you are late on your payment you are charged a fee of 10-50$ but your interest rate does not go up.

    2 weeks after you buy your car you will recieve a letter telling you what you owe for the first month. oh yea you must fax them proof of full coverage collision and comprehensive insurance with a maximum 500$ deductable within i think it is 30 days of buying the car.

    i think that is all. i may have left something out. if you have any questions post them here and i will try to answer.

    ps. for the months i was self employed before getting the loan i did not pay quarterly estimated taxes and had not yet paid my end year taxes in april so i did not have tax forms to prove my income.

    good luck i hope it works for somone else because i know how it sucks not to be able to get credit or financing even though you make enought money to afford something much more expensive.

    oops i need to add that i never needed a cosigner but i think roadloans has that option if necessary.

    later--

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    Yekhefah
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    Default Re: How to get a new car w/o proof of employment


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    God/dess Emily's Avatar
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    Default Re: How to get a new car w/o proof of employment

    I've got too short of an attention span this this anyway. Brevity is good, especially with spam.

    Besides, with the last two cars I bought, I didn't have a single issue getting finacing with my employment. I got 1.9% rates on both.

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    Default Re: How to get a new car w/o proof of employment

    Roadloans is what it is - a high interest rate but not Tony Soprano high interest rate source of car loans for potential borrowers with sketchy employment histories and not-so-great credit ratings. Because Roadloans is owned and operated by Ford, they know 'tricks' of the retail car business and are are therefore not all that well-liked by retail car dealers. Because this may be of interest to some DD readers who are determined to buy a car but whose credit rating puts them in Tony Soprano territory re available car loans, I'll let the posting remain.

    As to whether or not Roadloans is a 'smart' choice for vehicle financing, that is totally dependent on one's own financial situation ... which in turn dictates what other options may or may not be available to you. I agree with Emily that it pays to save up down payment money, and to pay your other bills on time to establish a good credit rating, so that car dealers will offer you 1.9% factory financing the next time you're in the market for a new car !

    A bad credit rating costs you extra money every single day, from ripoff high interest rates on loans and credit cards, to jacked up insurance premiums, to extra costs which are even more subtle like bogus late fees. You don't need to earn $100k a year to achieve a good credit rating. But you do need to control your spending in proportion to your income ! If this means dancing some extra nights, then buying a $3000 'clunker' without a car loan, then driving the 'clunker' for a year or two while you pay down outstanding bills and save up down payment money ...
    ~
    Last edited by Melonie; 07-20-2006 at 05:48 PM.

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    Default Re: How to get a new car w/o proof of employment

    Why would you care about their collection tactics? I mean, you ARE going to get a car that you can afford to make the payments to on time, every month, right?

    I think it's funny that people keep asking where they can get the best rate when they're credit score is in the low 400's. The simple answer is: you cannot do this. If you want to save money on your credit card and car loans, then pay off your debt. Bring your credit score up...then you can get financed by a good, reputable finance company.

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    Default Re: How to get a new car w/o proof of employment

    This was not spam. do you think i would spend that much time typing out an advertisement with that many typos? advertisements are ment to grab your attention by being short and concise that was obviously not my intent. my intent was information for those who need it. not those who do not need it, dont have the intelligence or patience to read it or think they know it all. this was not spam. anyone who can get 1.9% financing without proof of employment, a cosigner and with out A1 credit is either a liar or the daughter of the dealership owner. anyways. yes it is best to put money down and pay off the car asap that is obvious. but if you have a car that stops working and you do not have money saved for a car, money down is not an option. if you are lucky they will take your crappy car as a trade in. this thread was specifically for people who do not have proof of employment, who do not have money to put down, who do not have good credit and who do not have a cosigner. alot of people are in this situation. if you aren't, good for you, go read another thread. if you are then you know you need all the options you can get and i tried to give you one you may not have known about. 1.9% for the duration of the loan is bullshit UNLESS you have perfect credit!. Almost no one has perfect credit so do not mislead people just to be a know-it-all. according to bankrate.com "the average rate for a 60-month loan at 7.96 percent. The 36-month, new-car loan stands at 7.85 percent and the 48-month, new-car loan at 7.9 percent."

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    God/dess Emily's Avatar
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    Default Re: How to get a new car w/o proof of employment

    Okay, I'm the bullshitter. You got me.

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    God/dess VenusGoddess's Avatar
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    Default Re: How to get a new car w/o proof of employment

    Quote Originally Posted by selfemployed
    This was not spam. do you think i would spend that much time typing out an advertisement with that many typos? advertisements are ment to grab your attention by being short and concise that was obviously not my intent. my intent was information for those who need it. not those who do not need it, dont have the intelligence or patience to read it or think they know it all. this was not spam. anyone who can get 1.9% financing without proof of employment, a cosigner and with out A1 credit is either a liar or the daughter of the dealership owner. anyways. yes it is best to put money down and pay off the car asap that is obvious. but if you have a car that stops working and you do not have money saved for a car, money down is not an option. if you are lucky they will take your crappy car as a trade in. this thread was specifically for people who do not have proof of employment, who do not have money to put down, who do not have good credit and who do not have a cosigner. alot of people are in this situation. if you aren't, good for you, go read another thread. if you are then you know you need all the options you can get and i tried to give you one you may not have known about. 1.9% for the duration of the loan is bullshit UNLESS you have perfect credit!. http://www.carbuyingtips.com/carintro.html Almost no one has perfect credit so do not mislead people just to be a know-it-all. according to bankrate.com "the average rate for a 60-month loan at 7.96 percent. The 36-month, new-car loan stands at 7.85 percent and the 48-month, new-car loan at 7.9 percent." http://www.bankrate.com/brm/static/rate-roundup.asp
    We are self-employed...that doesn't mean that we cannot prove employment. We use our taxes...which we claim honestly every year. We have also worked hard to have stellar credit. In order to do that you have to LIVE WITHIN YOUR MEANS. That means not having 10 credit cards maxed out and saving at LEAST 10% of everything you bring home. Not almost no one has perfect credit. There are a lot of people who have NEAR perfect credit...anything over 690 is considered great...over 750 is awesome. Not everyone has that...but the vast majority of people don't live within their means...spend more than they make and cannot figure out why they are in debt.

    If you have bad credit, it's MOST LIKELY because you spent money carelessly in the past. That's fine...but then you'll have to deal with the consequences of that NOW and deal with the high interest rates until you bring your score back up.

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    Default Re: How to get a new car w/o proof of employment

    what do you do if you are self employed for nearly 3 months and you have not yet filed quarterly estimated taxes? how do you prove self employment. you would't have tax returns. Or if you do not file quarterly taxes and have not yet filed your april taxes showing your income and that you are self employed? proving income/employment is an issue for people that are self employed and tax paperwork does not always exist when you need it to exist. it would depend on how long you were self employed and what time of year it is.
    Last edited by selfemployed; 07-21-2006 at 10:55 AM.

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    Default Re: How to get a new car w/o proof of employment

    I have never been asked to show my tax returns when applying for a car loan as a self-employed person. They just asked where I worked and what I made and that was sufficient.

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    Default Re: How to get a new car w/o proof of employment

    Quote Originally Posted by selfemployed
    what do you do if you are self employed for nearly 3 months and you have not yet filed quarterly estimated taxes? how do you prove self employment. you would't have tax returns. Or if you do not file quarterly taxes and have not yet filed your april taxes showing your income and that you are self employed? proving income/employment is an issue for people that are self employed and tax paperwork does not always exist when you need it to exist. it would depend on how long you were self employed and what time of year it is.
    Well, then you're screwed. Usually people with low credit scores have to show proof of income. If you cannot show what you make, then you cannot get a car. If you have low credit and are only able to get a subprime lender, then you expect to pay a higher rate. Most of the time, when they ask for proof of income, they want to see paystubs or 2-3 years taxes. Are you telling me that you've NEVER filed taxes to account for your income?

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    Default Re: How to get a new car w/o proof of employment

    Just sayin - I have had my car financed through Roadloans since 2002 and I love them. I got a great rate, and even when I went through a period of hardship they were wonderful to work with.

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    Default Re: How to get a new car w/o proof of employment

    ^^^ well, in all honesty, 'great' is a relative term which varies with your individual viewpoint...

    my definition of a 'great' interest rate on an auto loan is a rate which is lower than the after-tax interest rate paid on a CD of equal term to the car loan. In other words, if you're thinking about taking out a 3 year loan, and the 3 year CD rate is around 5% pretax 3% after tax, then any car loan available at less than 3% interest (like 1.9% factory incentive financing) is a 'great' interest rate - because taking out such a loan actually earns you money compared to paying cash for the car !

    On the other hand, a 12.9% interest rate constitutes 'legal loan-sharking' from my point of view ! Accepting any sort of financing with those sort of usurious interest rates is a guaranteed way to remain poor !!! I understand that there ARE certain circumstances where people are forced to accept such interest rates i.e. you can't work if you can't drive to work. But in such cases, the first order of business should be to pay down any such high interest rate loans just as fast as is humanly possible !!!

    Most of the time, when they ask for proof of income, they want to see paystubs or 2-3 years taxes. Are you telling me that you've NEVER filed taxes to account for your income?
    I'm hoping this isn't the case. For the past couple of years at least, the IRS and state income tax agencies have been automatically tied into all state motor vehicle bureaus. This means that as soon as a new car title/purchase is registered in order to get license plates and insurance, the IRS and state tax people are going to get an automatic report that a person name X address Y social security # Z has just purchased a car worth $XX,000 ... via a down payment of $YY,000 and a monthly loan payment of $ZZZ through loan company ABC.

    Very recently, two NY dancers were busted by the IRS very shortly after registering the purchase of fairly high priced cars with a sizeable down payment and an even more sizeable monthly payment. The IRS computers attempted to cross-reference a previously filed tax return for social security # Z to explain where the $YY,000 in down payment money and the $ZZZ per month in car payment money was coming from, and there wasn't any matching income tax return on record with the IRS !

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    Default Re: How to get a new car w/o proof of employment

    I'm not going to read all that but if you got approved with that low score at 14. whatever % that is great and I'd jump on it. And if you are approved with that company at that percent you can use it to haggle with the dealer. I got a lower interest rate when I bought a car once because they wanted to finance it. So I said beat what I've already been offered, and they did.

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    Default Re: How to get a new car w/o proof of employment

    what was the point to this article looking thing? I didn't get it at all. I thought that if you could have the money for the entire thing right there they would sell it to you
    [SIGPIC][/SIGPIC]

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