I see it all the time. A potential client “fluffs” the information on their credit application so that they look better on paper and (hopefully) increase their chances of getting an auto loan. Instead of writing 6-months on the job, they round up to a year. Instead of writing that they make $2,000 per month, they write $2,500. Perhaps it is as simple as failing to disclose that their income is cash (unverifiable by normal methods).

In any case, there is one absolute fact with pretty much every loan these days:

THE BANKS VERIFY EVERYTHING.

The auto lenders are going to look at your pay stubs. They often look up the business license of your employer. They verify your references to make sure the people know you.

What happens when the bank finds out you lied?

Well, they cancel the approval that they had given you. Often, the dealer will contract you in a vehicle and let you take your new car home based on the approval the lender gave…the approval based on your false information. Then when your loan reaches the funding department at the bank, and they begin the verifications, the truth emerges and your loan is now denied. You have to bring back the new car you just bought. That can be embarrassing because most people tell all of their friends and family about their new car, and when the car goes back to the dealer, your friends and family are going to ask why.

At WA Auto Credit, we have ways to help you get approved for a car loan even if the only proof of income you have is your bank statements. We have ways of getting around traditional proofs of address. We have loans for everyone that wants to come see us, and that is why we offer Guaranteed Credit Approval to our customers in Washington that come visit us in person.

Get Approved for Bad Credit Auto Loans at WA Auto Credit.