I've been self-employed for the last 5 years, and the last 3 years I've been living in Germany doing IT contract work.
I am about to move back to the states (TX) and want to buy a new car right away and finance it. I am thinking $5k down on a $30k car.
I've read they will want to see my tax returns for the last 2 years because I am self-employed. My tax returns and Schedule C's show good income ($130k - $160k) and my FICO is around 730 when I checked earlier this year.
The things is, the income on those tax returns was earned while living overseas. Will it matter? Any thoughts?
The income from the tax returns is good and the down payment will help but are you going to be able to prove a continued source of income when you come back? I would guess that a statement that you are continuing as self employed with an expectation of X income will be enough since you have a track record and good credit scores. I think there is some challenge in getting the loan but nothing that a decent F&I guy can't overcome.
Best financial advice I ever got: "Just imagine what an adult would do and do that." Starting Score: 500's Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle) Goal Score: 760 ALL