Things You'll Need:
- Down payment
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Step 1
Have in your possession a substantial percentage of the total cost of the car to offer as a down payment if you have no proof of income. The exact amount of the down payment will depend on several factors. The dealership or lender will look at your credit score as well as the cost of the car. They will probably want you to pay what the car is worth to the dealership, and this may be 40 percent or more of the total sticker price. They will want the value of the car to the dealership to be worth less than what you owe for it.
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Step 2
Make sure that you can afford high interest rates. Because lending to those who don't show proof of income is considered a risk, you should also be aware that the lender may want a higher interest rate on the loan. Check the paperwork thoroughly for interest rates and the size of payments.
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Step 3
Be sure that dealership or lender shows you proof that you have been approved before agreeing to anything. Otherwise, the dealership could back out, and take back the car and your money.
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Step 4
Shop around for lenders and compare rates until you find the best deal. It may be worthwhile to talk to some third parties such as banks and see what rates they can offer you. Talk to the dealership as well about down payments and interest rates. Talk to several dealerships as well, until you find one with a car you want and can afford, where they will also approve you for financing.
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Step 5
Have the down payment with you. Any lender will be wary of lending to a person who can't show them proof of income. If you have money saved to purchase a car, be prepared to show it and to put down a considerable down payment.
