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Buy Here Pay Here in Spartanburg with No Proof of Income – Is This a Scam?

The buy here pay here in South Carolina is a competitive market. And this means that almost all dealers will display a variety of deals to capture the attention of consumers. Buy here pay here with no proof of income is yet another deal. Some dealers claim that they will not verify your income statement or job status if you finance your next used car with one of them. Although the deal is not a scam in most cases, it does not necessarily help you in the long run. Plus, expect a host of associated terms and conditions that you will have to fulfil before you can actually become eligible.

So, let’s discuss the buy here pay here with no proof of income here. Know exactly what all are on offer and why some dealerships do not bother about your income statement.

The need for proof of income

A typical Spartanburg buy here pay here dealership will ask for your proof of income. After all, your income is the only collateral upon which your auto financing is based. In other words, the amount of auto loan you can get from a buy here pay here dealership depends on the pay check you receive every month and if the latter can easily cover the monthly payments of your auto loan, you are eligible to stand approved for bad credit financing. Naturally, a dealer will need to see some proof of income just like your proof of identity and driving eligibility. No one benefits in a deal where the lender overpays and the borrower defaults.

Why do some dealers finance without income proof then?

Just to make the buy here pay here deal more lucrative, a buy here pay here in SC may choose to forego the step where your income proof is required. However, this happens only:

1.If you pay a very high down payment for the vehicle that you are buying
2.Or, up to a certain amount of monthly payment

These terms are included in the fine print of the deal. You get to hear them after you arrive at the dealership after seeing the advertisement. First, the high down payment covers most of the dealership’s cost price of the vehicle that it paid to buy the car and reduces its exposure to debt. Hence, even if you default later, the loss is limited. And second, if your monthly payment comes to $600-$800, the dealership assumes that you can afford that. And in case you can’t, repossession is always on the cards that hurt the dealers less and you more.

Not a scam, but not helpful as well

A top buy here pay here dealership like Family Auto asks for your income statement or proof of income. It helps us to calculate the amount of loan that you can afford in the long run without any chance of default. Buy here pay here with no proof of income may seem fancy at first but it might force a greater loan burden on you since the limit of monthly payments is generally kept higher to increase a dealership’s credit revenue.

Avoid a buy here pay here in South Carolina that offers superfluous deals. Instead, choose Family Auto of Spartanburg where you get solid offers like 2 years/36,000 miles warranty, competitive trade-in rates, $100 for every referral that you send, and the quality assurance of a 20+ years old used car dealer.


This is personal blog for Family Auto of Spartanburg. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner is not be liable for any errors or omissions in this information nor for the availability of this information. The owner is not liable for any losses, injuries, or damages from the display or use of this information. Reader’s discretion is advised.

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