Carvana, the biggest online used car dealer and auto finance company in the USA, known for its multi-story car vending machines, is one of the fastest-growing companies and the youngest company to get added to the Fortune 500 list. The thing which makes Carvana stand out among other competitors is their instant & seamless method of purchasing vehicles, which they call rubberized consumer service. Let us know about ‘Carvana Proof Of Income’.
Companies along with providing affordable vehicles with minimum paperwork also provides finance to their buyers at low-interest rates, applying for finance not only eradicates their financial problems but also helps them purchase the right vehicle for them. Financing includes submission of different documents such as age proof such as PANÂ, Driving license, passport, birth certificate, etc. Bank statements, mostly the latest 3 months, and most importantly income proof. Income proof can be an income tax return, Form 16 by an employer, salary certificate, latest two pay stubs, etc. Let’s dig out more about different acceptable proofs of income and their details.
General proofs of income acceptable at Carvana
1 Last year IT return;
2 Last financial year Form 16;
3 Salary slip for the past 3 months with employer stamp & sign;
4 Latest employment contract letter;
5 Last financial year audited company accounts;
6 Last financial year audited firm accounts and partnership deed;
7 Chartered Accountants certificate;
8 Agricultural income certificate;
9 Agricultural land details and income assessments;
10 Bank cash flows statements.
Proof of income for different professions acceptable at Carvana
1 Self Employed:- Carvana requires documentation of client links to their business. Also, proof of employment is required. The client has to submit employment proof along with one of the following documents attested:
- 3 months of bank statements;
- Three months of Square, Venmo, Zelle, Paypal, or Stripe statements showing income, plus an employment contract,
- 3 months of canceled checks,
- Tax document 1099
Also, a supporting document is required, such as schedule E, employment contract, etc. It should include the client’s full name and time (in the case of the landlord). Yet, a company may request some additional documents at any time.
2 Military officials:- Your 2 recent Leave & Earning statements (LES). One most recent LES must be within 35 days of the current date, and the second most recent LES should be for the pay period immediately preceding the last LES document. LES document should carry the following details:
- Full Name;
- Current Employer;
- Year-to-day earnings(YTD);
- 3 consecutive pay stubs if YTD not available;
- Pay period
3 No Fixed Job:- Current employment Offer letter along with first pay stub. The offer letter must include the name, employer’s name, start date, salary, working hours, and employment status.
4 Landlord:- Previous year tax return (Schedule E), current rental agreement(s) signed by tenants, and also upload one of the following supporting documents:
- Recent bank statement;
- Record of cash deposits from rental income
- A recent canceled rent check dated within 35 days
5 Commission based:- One of the following documents can be provided as an income proof:
- 3 most recent consecutive pay stubs;
- 3 months of canceled checks;
- 3 months of Commission checks
6 Education professional:- The client may provide a school contract having the full name, school, pay period, and YTD earnings, if the client doesn’t have YTD then he/she can provide the most recent 2 pay stubs, pay stub older than 30 days is also acceptable, and employment dates.
7 Business Owner:- Carvana requires at least one of the following documents to be submitted by a business owner:
- 3 months bank statements;
- 3 months of canceled checks;
- 3 months of stripe, square, PayPal, Venmo, and Zelle, statements showing income;
Additionally, the company also requires a supporting document for further information, commonly acceptable supporting documents are:
- Tax documents;
- Secretary of the state showing business name with listing client as owner;
- Corporate annual report;
- Tax EIN form
8 Fixed Income:- if a client’s primary income is fixed, e.g. child support, Social Security, pension, the company accepts the following documents:
Child Support:-
- 3 months of bank statements showing child support direct deposits;
- Court order showing child support details;
- Government-issued child support log
Pension:-
Pension account statement
Social Security:-
Social security administration award letter
Veterans Affairs Award Letter:-
Veterans Affairs Award letter
Conclusion
Carvana accepts bank statements, previous financial year returns(schedule E), pay stubs, LESs, employment contracts, offer letters, canceled checks, fixed income award letters, etc. as proof of income, and the company also requires an employment certificate. Still, Carvana can demand extra supporting documents before the delivery date or pick-up date.
Frequently Asked Questions
1 What documents can a retired person show as proof of income?
A retired person can show their bank statements in which they receive their pension, as proof of income to get finance.
2 How does a farmer get approved for finance?
By submitting agriculture land details and income assessments farmers can get approved for finance.
3 What documents do an army officer have to submit to get approved for finance?
Army officials can provide their two latest LES to get approved for finance, in which their full name, employer details, and YTD are mentioned.
4 Does Carvana provide financing if the client purchases a car from anywhere else?
No, Carvana provides financing only to their customers purchasing vehicles from them.
