What is proof of income for DriveTime? (2024)

What is proof of income for DriveTime?

To purchase a vehicle please bring your: Valid driver's license. Proof of income (determined through a pay stub, bank statements and/or employer verification) Proof of auto insurance (we can help you obtain insurance if you don't already have a provider)

Can I use bank statement as proof of income?

Bank statements are one way to demonstrate your income sources. But you should ask for certified bank statements if you will use bank statements for income verification to avoid fake bank statements. However, there are other options.

What is proof of income?

Proof of income is a document or set of documents that someone, usually a lender or landlord, requests to verify your income and determine your qualifications for a mortgage, rental agreement or other loan or service. A lender or landlord may ask for some form of a proof of income letter.

Does DriveTime require good credit?

One of the reasons for the high-interest rate is that DriveTime mainly targets subprime borrowers. However, subprime is classified as having a credit score between 580 and 619, with deep subprime being anyone with a score below 580.

How does DriveTime down payment work?

DriveTime does not offer the opportunity to make payments on the down payment. However, we do offer a reservation program. The DriveTime reservation program allows you to hold the car of your choice for up to seven days, but you cannot drive the vehicle off the lot until the down payment is fully paid.

How can I prove my income without pay stubs?

How do I make proof of income statement?

Is proof of income a paystub?

A pay stub, which most people who work corporate jobs receive at the end of each pay period, is the most common form of proof of income. But keep in mind, pay stubs won't tell the full picture for those who are paid commission or paid hourly with an inconsistent schedule.

What is proof of income for a new job?

If you are starting a new job, you will need to provide paystubs from the last 60 days of your previous job as well as a copy of your new employment offer letter.

Does DriveTime verify employment?

Verify DriveTime Employees

The process is simple and automated and most employees are verified in under 24 hours. You only pay for successful verification and can save on average 50% compared to competitors.

Why is my down payment so high on DriveTime?

Unlike the majority of 'buy-here pay-here' dealerships, we don't have the same down payments for everyone. We customize our down payments per vehicle and per customer. Typically, higher priced vehicles require a higher down payment, which is pretty standard.

Does DriveTime run a hard credit check?

The great thing about DriveTime is they build customized approvals. They won't find fault with you if your credit score is not its best. Fair warning, they will run your credit. However, weary shoppers should feel some relief knowing they'll take everything into consideration as well.

Does DriveTime have tracking devices on their cars?

Inilex's GPS device, about the size of a deck of cards, is installed on vehicles for tracking purposes.

Is DriveTime down payments real?

DriveTime payment

All financing for a DriveTime purchase is done in-house, and the company is open to accepting any credit score, including no credit at all. DriveTime down payments will vary based on the price of the vehicle and the customer's financial situation.

How much interest does DriveTime charge?

People with good credit, bad credit, and no credit can all be approved, with interest rates starting at 7.9%. Read on for pros and cons of buying a car with DriveTime's in-house financing.

How do I verify if I have no income?

You can even obtain a Verification of Non-Filing Letter from the IRS. This would simply prove the IRS has no record of filed income tax forms. A written statement that indicates no income can be used; however, it should be accompanied by documents that show no income from the previous year.

Do bank statements count as paystubs?

You can provide bank statements showing deposits from your employer, get your employer to produce a letter stating how much and how often you are paid, or a combination of these two options in order to show proof of income without pay stubs.

How can I prove my income without bank statements?

Pay Stubs

A pay stub, also known as a paycheck or pay slip, is received by employees each pay period and shows their net take-home pay. Pay stubs are easy proof of income for rental applications, but they're also easy for bad actors to forge.

Can you write your own proof of income letter?

You can write your own proof of income letter if you want, as long as the details are confirmed by your employer, accountant, or even social worker, depending on your circ*mstances.

Can I use job offer letter as proof of income?

Please note that a signed offer letter or employment verification letter may be used to supplement your proof of income documentation but must be accompanied with either consecutive pay stubs for the last 60 days or the most recent year's tax returns if you were previously self-employed.

How do I show proof of income with direct deposit?

Example of Direct Deposit 1- from a full service payroll company such as ADP, Paycheck, etc. For personnel where the individual is paid through direct deposit the easiest way to show the correct documentation is through a paystub. The paystub shows the routing and bank account number to prove the individual as paid.

Can you negotiate with DriveTime?

DriveTime is a “No-Haggle Dealership,” where there is no negotiation and the price you see is the price you get.

Who owns DriveTime?

Ernest García II (born May 1, 1957) is an American billionaire businessman, in the used car sector. He is the owner of DriveTime (originally named UglyDuckling), and a major shareholder of Carvana.

Do you need proof of employment for Carvana?

What documents can I provide to show proof of income? You may be asked to submit proof of income and/or proof of employment during the purchase process. If you're self-employed, we require documentation to verify your income.

What credit bureau does DriveTime use?

Yes, DriveTime via Bridgecrest Credit Company (formerly known as DT Acceptance Corp) will report all activity to the three major credit bureaus: Experian, Equifax, and Transunion. They will report on-time payments as well as late payments.