Does sallie mae ask for proof of income?

Question:I have a low proof of income like 2000(I just went to college about it). Im currently in college and about to start 2nd semester I need a car. I have a score of 700 around there. I want to get a loan of about 22,000 for my *first car*. Would I be approved do I need to show I work? I can pay if off with a new job.

Thanks in advance!

Answers:
I can not say whether or not you will be approved for the loan but I can tell you that it will be based on your credit score, on your income and on your debt to income ratio. I can also tell you that we are experiencing a credit crunch right now that is drastically affecting the housing market and the stock exchange. Yes, you absolutely need to show proof of income. 700 is a respectable credit score but just yesterday I consulted with someone who had a 650 credit score, is a home owner with good income and was turned down for refinancing because that credit score, which is also respectable, is considered sub prime in todays market.

With that said, there are plenty of financing opportunities other than sallie mae for automobile financing, if you're willing to pay what ever interest rate they ask. I would suggest that you go to a car dealer that finds financing for you. Good luck and don't drive over 90!

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