How do banks deal with this type of job situation

syP

Not Banned
May 24, 2007
30,096
357
Downers Grove, Illinois
Im looking for a new car, probably will purchase in december or january..

Im Hourly PLUS commission..

This IS NOT a 6/hr + commission job equaling 10-12/hr...


obviously commission is hit or miss everyday, but my hourly is xx/hr and the commission is 800-1000/month depending on sales.

What do the banks see? ONLY the xx/hr since commission isn't always the same? Or will they ask for a few pay stubs?

Either way the hourly is MORE than i was making at Autozone, and tack on another $10-11k/yr in commission alone.

Or perhaps ill wait for 3months when i become Salary + Bonus + even higher percentage of commission :dunno:
 

Dasfinc

Ready for the EVlution
Sep 28, 2007
20,919
1,321
Wheaton, IL
thank you :wavey:


My credit is MORE than great enough, i just dont want any surprises if i start looking at ~$30k cars and they base it only off my hourly

They base it off 'what you tell them' on your loan application. If they approve you, they will most likely request proof that reflects the income *ala paystub*

So for example, if you are making about $1,000 a week Gross *Before tax* and you have 2/3 paystubs showing this around the time you are applying for the loan, you can tell them you gross $52,000, and leave it at that.
 

Stink Star

Don’t Drive Angry!
TCG Premium
Jan 20, 2008
16,274
11,931
Big wood cock
not to hijack, but i have a question as well. I worked at reicherts for over 5 years and they got bought out by CL Chevrolet which i have been continued working at for 4 months... not even 1 day off in between jobs and its the same address and phone number... just the name of the place and owners changed. when i put down jobs on a loan app do i lump it all into one job to make it look good or would they catch on and void my loan or something? 4 months at a job doesnt sound good on paper but when you consider that its really been like 5 1/2 years at the place, it sounds great
 
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