Hi all - I was recently laid off and my lease is up next month. I’ve already extended it by the 3 month maximum allowed by Ally Financial. I’m looking for any recommendations for the best personal loans or secured loans that don’t require income verification.
I’m sure I’ll have a job here soon, and I have enough in cash to buy the vehicle outright, but that would pretty much clean me out and I want to avoid that. Credit is also 750+. Thanks all!
Just put down your previous income. If your credit score is good, and your file is thick enough, they’ll never ask for income verification.
Check Lightstream - they don’t put a lien on the car so it will be easier to sell…
Any existing banking relationships you can lean-on?
Check whoever you invest with too.
Most brokerages have a product that’s pretty similar to a personal line of credit that is backstopped by your equity portfolio.
Obviously not something you want to mess with too much but generally good rates and little to no approval (since they have your stock holdings). Just be sure to not get margin called =)
A credit application doesn’t ask how much money you were making before you lost your job.
Do you want to buy a car when you just lost your job?
He just said he is sure he has a job coming and has enough cash. He just doesn’t want to burn through it in case of ‘fire’
What about my response makes you think I did not understand that?
I should have just landfilled the comment for suggesting that OP commit fraud to obtain a loan.
I think everyone else understood what I meant.
Are you getting unemployment? Severance/60 day payout under WARN act?
Unemployment is taxed as income although maybe someone else here knows if it is listable as income on loan application.
For funsies, go to one of the online prequalification sites like Capital One, and for income list either $0 or the amount of your unemployment benefits and see what you get back.
Since the car is their collateral, with strong credit (confirmed in the first post) it may not even be an issue.
If you have a spouse, apply together and use both incomes.
Also, not sure how much you need to borrow, but you if you can get a high enough credit limit you could also open a new balance transfer credit card and do a no-fee/no interest balance transfer to the card for 12-21 months.
Or you could do this for part of the balance and pay the rest from savings.
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