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Friday, March 12, 2010

How do lenders varify employment for auto loan?

I just apply for an auto loan at navy federal, and the said they need to varify my emplyment because the had the wrong # down. What are they looking for? And also they stated to me that i need something showing that childsupport wsa taken out so i gave them my check stub.

How do lenders varify employment for auto loan?
Lenders call your place of employment and verify the fact that you still work there, how long you have been there and how much you make a month before taxes.





Everything that you put on a application for credit is subject to verification.
Reply:I think requesting your paystub is one way of lenders to verifiy employment. Also, they can call your employer and inquire if you are indeed employed by that company. However, I think they can do a lot with just your social security number and a computer.
Reply:Your employment history is included in your credit report. When the dealer goes into the back room to check your credit they get the score as well as a brief printout showing and verifying employment.


Some may do a more in depth search, for a fee, they can also get the info from the IRS because when you sign the paperwork authorizing them to do a credit check, they have the legal permission to do so.
Reply:they will call to verify when you started and that you are still employed.
Reply:they need to know if you will have enough income to pay the loan. they will contact your present employer either by mail, fax or phone and ask for your wages and if you are currently employed. if you put down that child support was to be included as more income, then they will need to verify that too,.


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