Income Verification: How To Do It

What are the minimum to maximum ranges to income and are multiple incomes added together?

When applying for finance, it is common to assess people’s income to make sure that they can afford the loan. Income is one of the key indicators of affordability, because, in theory, the more you earn, the more you can afford to borrow. This is not always the case, since people’s lifestyle choices can affect their disposable income, but the key word here is still “Income”.

When making an application for finance you must be clear on what you earn and how you earn it, so the lender can make a good decision on how much to lend you, and how much you can afford to repay. Noone wants to get into debt if they can help it.

Here at Match Me we have a minimum income criteria of £500 a month, since it is expected that if you are earning below that amount, you can not afford to buy a car or run the car after you have bought it. We might ask you to verify your income because the lenders that we work with in our trusted network of lenders could ask for bank statements, pay slips, employment contracts or other such means of verifying your income. Lenders do this to protect their investment in you, but also to make sure that they are not getting you into debt and adding pressure and stress to your life. If you get a loan that you can not afford, it could cause the debt spiral to take control of your life and create some negative emotions to start to control your mind.

Your money will grow if you do not get into debt, and that could mean that you could be driving your dream car even faster.

What if my income is less than £500 a month?

Earning less than the minimum amount means that you are not eligible for a loan with our panel of lenders. But if you earn less than the minimum with one job, and you have multiple jobs, you should tell us everything that you earn, add it together and make that your monthly income, because it is. Everything that you earn from multiple jobs, benefits, allowances, side lines and additional income can all be considered when you apply for a loan.

Our application form gives you the opportunity to tell us exactly what you earn and what can be verified so we can help you to drive away in the car of your dreams and still afford the monthly repayments.

Whilst Match Me are a broker, not a lender, we are responsible and we look after our customers. We want you to be happy, and drive what you can afford. You can always upgrade in the near future.