Carvana sometimes requires proof of income to finance a vehicle. It may ask for documents to verify the information you’ll be asked to provide on the pre-qualification form, including your annual income. Pay stubs, bank statements, or tax returns will qualify as proof of income. Carvana is willing to work with all types of income situations and credit levels. For specifics of the buying process and financing requirements (including if at Carvana, proof of income is required), see below.
The Carvana Car Buying Process
Carvana was founded in 2012 as a way for consumers to purchase a car entirely online. Carvana’s website has a wide variety of used cars available. And its 360-degree photo technology lets you view the inside and outside of any vehicle. Pop-ups highlight any damaged areas. All cars have undergone a 150-point inspection, and you can view each car’s CarFax history report for free.
Carvana has in-house financing available. You can get pre-qualified on the Carvana website. After pre-qualification, you can select your vehicle to see the available finance options, including your APR, monthly payment amount, loan term, and necessary down payment. Rates remain valid for 45 days.
If you live in one of Carvana’s 60+ local markets, your vehicle will be delivered free of charge. You can then test drive it, and, if you decide you don’t like it for whatever reason, you can return it under Carvana’s seven-day money back guarantee.
If you live outside a local market, Carvana will arrange for a third-party to deliver your vehicle for a fee; fees vary by location. Alternately, Carvana will pay up to $200 of the cost of a one-way plane ticket to one of its Car Vending Machine locations, where you can test drive the vehicle before submitting payment. You are still eligible for the seven-day money back guarantee, minus the delivery fee.
Does Carvana Require Proof of Income?
Here’s the Carvana proof of income policy. Whether you will need to provide proof of income before financing a car through Carvana depends on the specifics of your application, according to our communications with the company.
When you apply for pre-qualification with Carvana, one of the things you’ll be asked to provide is your annual income. Carvana’s minimum requirements to finance a vehicle are:
- Applicants must be at least 18 years old
- Earn a minimum annual income of $10,000
- Have no active bankruptcies
For some purchases, particularly those involving more expensive vehicles, Carvana will want to validate the information you list on the pre-qualification form. The following documents can qualify as proof of income:
- Copies of your two most recent paycheck stubs
- Three months of full bank statements showing proof of deposits
- Tax returns
If you have a non-traditional job, such as self-employment or a freelance contract, Carvana will examine three months of bank statements and your 1099 form from the previous year to determine your annual income, a corporate representative said. Otherwise, either your pay stubs or bank statements should be sufficient.
Any necessary documents can be scanned and uploaded to the Carvana site for approval. You can also link your bank account for easier verification of down payment funds when you place your order, a Carvana representative told us.
In addition to your annual income, the pre-qualification form asks for your name, address, and age. Your personal information will be confirmed before you finalize your purchase. You’ll be asked to provide your Social Security number for a “soft pull” credit check (which will not impact your credit score).
For information on getting approved for a loan without an annual income, see our article on how and where to get a loan without a job.
Now you know the Carvana proof of income policy and more. Carvana wants to make the car-buying process simpler for consumers. That attitude seems to carry over to its financing too. Although you may not need to provide proof of income to finance through Carvana, you should be prepared to do so if Carvana requests documentation. Your pay stubs, bank statements, or tax returns can serve as proof of income at Carvana.