Self-Employed Applicants for Auto Finance
In our society today, it is becoming more common for people to be self-employed. Entrepreneurship is at an increase as the internet has influenced more and more people within the work force to make money in their own terms. We also cannot forget the small business owners that would be put within the same category. As a self employed trying to get into a car loan, what are thing things to keep in mind? Credit status/history, affordability and income are focal points much like everyone else.
The requirements for a self-employed applicant are not different from everyone else, the primary difference is proving income and employment. Since you do not receive paystubs, there are other documents that the bank will require to prove that you are in fact working and generating income. One way to prove your income is to provide the lender with 6-months worth of banking statements. The banking statements will show consistent deposits on a bi-weekly or monthly basis which can prove your income.
An entrepreneur obtaining a car loan is not a complex as you would think, give Autorama a call at 1(866) 979-2947 and speak with one of our finance specialists or fill out an online finance application so we can get you the approval you are looking for without any hassle.