self employed

[bct]

how does a self employed person go about getting a car loan?
it seems no one wants to talk to you unless you have a letter from the boss or something

[peacherina]

You are right about that one. Well some car lots will tell you to bring your tax forms from the last time you did your taxes. I am an independent contractor and thats what I had to do. But I was just a cosigner. anyway, you can show proof of income from your bank statements, tax papers, or a notarized letter from your clients or people you do work for. Hope this helps.

[r8rpwr]

They'll want copies of tax returns as well as confirmation of bank accounts and such.

It's true, it's more difficult to get a loan this way. Unfortunately we can blame all the scammers out there who lie about their self employment income.

[poorgirl]

It is very true. I have worked for a car dealership in the past and I was never able to get a deal to close for one that was self employeed unless they had about half down. The financial instutions would not finance, at least for a reasonable interest rate anyway.

[Raquelita]

I would think that if you have proof of income and tax returns from previous years you would be able to get a loan. I would also see if you could go through your bank instead of a dealtership.

[chandni_aqua]

There isnt a lot of hassle for getting a car loan provided you have all the bank papers,your tax returns with your company logistics like when it was started and the revenue it generates.

[alejandro12]

Not a bad idea:


Cash Guru

[juan22]

What is your history like?

[devidso]

Hi sorry I cannot help you because I don't have any idea about …..
Good luck!

[spencer24]

It all depends on your income and your credit history. If you have good credit rating and nice income, getting a car loan is not a problem most of the time.