Auto loan or lease - self employed

[Anonymous]

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@Creditaddict wrote:

sometimes easier to just be an employee at your company (just list company as your employer and your title as anything but owner) however I think car companies are starting to come back around to not be so picky about it again and with strong credit, they don't even ask for verificaiton of income.... trust, they rather not ask because then they may loose the deal!

and unlike many of the credit unions I have dealt with, the dealerships will usually accept bank statements for income verification so usually easier to prove higher income if they accept ALL deposits!

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I agree with this as I am self employed. The CU may very well want income documentation. The dealership can look at your credit and find a lender that will work in your favor. I would pull a Fico auto report and take it to the dealer, show it to them before they run anything, tell them how much you have to put down and what payments you can afford and see what they say.You may pay a little more interest than the CU will charge but the finance mgr will know who to run you through where income verification isn't needed.

And if your scores are around 720 you can probably sign and just wait for a payment book in the mail.

[taxi818]

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@Creditaddict wrote:

sometimes easier to just be an employee at your company (just list company as your employer and your title as anything but owner) however I think car companies are starting to come back around to not be so picky about it again and with strong credit, they don't even ask for verificaiton of income.... trust, they rather not ask because then they may loose the deal!

and unlike many of the credit unions I have dealt with, the dealerships will usually accept bank statements for income verification so usually easier to prove higher income if they accept ALL deposits!

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This is the answer i was looking for. im in the same boat. last year. i lowered my income to bare bones minimum. as i had to pay 3 years of back taxes. but i have plenty of Bank Statements showing great income. just not my take home on tax form. Previous year. i showed great income. Im just scared to go to dealer and get my report shotgunned for approval. I guess i have no choice as im self employed. if i do employee. it may be difficult to prove. unless i get a paycheck. which i don't.

[Creditaddict]

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@taxi818 wrote:

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@Creditaddict wrote:

sometimes easier to just be an employee at your company (just list company as your employer and your title as anything but owner) however I think car companies are starting to come back around to not be so picky about it again and with strong credit, they don't even ask for verificaiton of income.... trust, they rather not ask because then they may loose the deal!

and unlike many of the credit unions I have dealt with, the dealerships will usually accept bank statements for income verification so usually easier to prove higher income if they accept ALL deposits!

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This is the answer i was looking for. im in the same boat. last year. i lowered my income to bare bones minimum. as i had to pay 3 years of back taxes. but i have plenty of Bank Statements showing great income. just not my take home on tax form. Previous year. i showed great income. Im just scared to go to dealer and get my report shotgunned for approval. I guess i have no choice as im self employed. if i do employee. it may be difficult to prove. unless i get a paycheck. which i don't.

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If you have upper tier scores if the application doesn't throw red flags that they have to investigate (saying self employed) then they will not ask!

Also depends if you want to buy or lease if you ask me... a lease, as long as you go and give them enough time to work it out with the bank before you drive away, they don't want that care back and that's a done deal unless you are dealing with a shady dealership that just pushes things out the door before even chatting with the bank.

Carmax will not come back for more things later

I have leased through Infiniti with no issues (but I made sure it was approved through Infiniti before I even went to dealership)

My recent Nissan that I leased through my business... I still listed other income outside self employed and the dealership asked if i could give bank statements "if needed" but even he said (we are trying to avoid that) they know just as well as anyone the more they start asking the worse it gets!

it took a couple of hours but they had it approved through nissan before I signed and left with car and i gave NO DOCS!

[Luscher]

+1 to CA's post

You should have no problem going to a dealer with those scores. Just put 50K

[taxi818]

I appreciate it. but im not leasing for sure. Im going to buy a used card. something not too bad. maybe 2011 thru 2012. will put 2k down. and see where it stand. If worst comes to worst. I do have bank statements. and  I also have my tax returns from last year. but i will just not mention anything except the name of where i work when asked. thanks all. Edit. Also. I don't have upper tier scores as CA mentioned. My scores are in my siggy below. However. i don't have the worst either. nothing negative on my report at all. but I have lots of accounts in the last 2 years. which is my main concern. and i have lots of inquiries as well. depending on report. Tu 8. EQ 16 and Ex 18 in the last 2 years.

last 12 months.

Tu 7. Eq 4 and Ex 7.

[Luscher]

Above 700 will get you in a car no problem

[Anonymous]

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@cluelessoregonguy wrote:

What kind of options should I expect as far as lease or purchase? Any tips to increase my chances? We're actually just looking for reliable, good mpg and not crazy monthly payments. I've seen lease options on 2015 Camrys for $200 a month but not sure if we even have a shot at that.

Are there any lenders that would work better with my situation?

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Be very careful when you see these type of ads. Read the fine print very closely. First, it's guaranteed that it's the barebones stripped down model. That's OK if that's what you want. Most people don't. Second, look at how much money they want you to come up with. Most advertised leases have anywhere from $2k to 5K of down payment figured into it. Third, all lease offers say "plus tax, title and license." That 3 letter word, tax, can easily be another $2K upfront. The goal with a lease is to never put any upfront money. 

I've leased 6 cars in my time and the most I've ever put upfront was the first month payment.