auto loan for self employed

sunnyday · ‎06-12-2007

Does anyone have any advice for somebody who has filed bankruptcy about 16 months ago, and is self employed, who is trying to get an auto loan? A couple banks approved me, however, being self employed, it is hard to prove my last 2 years of income. I am recently divorced, and prior 2 years of tax returns, show my ex-husbands income, as the primary source. The banks will not accept my last 2 years of bank statements as proof of income. I have to show a minimum of 1500.00 per month for 2 straight years of self employment, on my tax returns, which I do not have, because of the bankruptcy. So to sum it all up, I got approved by roadloans and capital 1, but can't verify my income for the last 2 years, so they will not give me the loan. Any suggestions would be appreciated!

Ficos are, 553, 560, 569

Anonymous · ‎06-12-2007

Message Edited by cheryl1981 on 06-12-2007 03:44 PM

Tuscani · ‎06-12-2007

Sounds like you might be in trouble... Did you explain the situation to them?

sunnyday · ‎06-13-2007

Not really, I just faxed them the financial info that they had requested. I was told that any bank needs proof of self-employment income for 2 straight years, 1500.00 minimum per month, shown on last 2 years of tax returns. I guess that is what would be required when you are self-employed, and have a previous bankruptcy on your credit reports. I haven't tried going to a local car dealer yet. I have just tried getting a preapproval over the internet, such as a blank check.

Tuscani · ‎06-13-2007

I local dealer will probably want the same. Keep us updated.

MercyMe · ‎06-13-2007

Question, Tusc -- if her scores were higher, say in the mid to upper 6's, would that make a difference? Gennifer didn't have to prove income with a 653 from EQ. Her auto enhanced was higher, however.

me

Anonymous · ‎06-13-2007

Off topic comment.... My soon to be wife and I were looking at a very high end model home over the weekend ($649k+ and out of our price range - and very high for this market). At the same time, there was a man and his wife walking through critiquing the poor quality of workmanship on the 11ft walls.

He said he owns a used car lot and sells a few hundred a month. He stated matter of factly, "Anybody can have a car on the lot for 28% interest." Be careful of the sharks out there...

Tuscani · ‎06-13-2007

MercyMe wrote:

Question, Tusc -- if her scores were higher, say in the mid to upper 6's, would that make a difference? Gennifer didn't have to prove income with a 653 from EQ. Her auto enhanced was higher, however.

me

Perhaps. Whenever I finance it's usually 50/50 on whether or not proof of income is required.

sunnyday · ‎06-13-2007

I'm trying to avoid those car lots they say "We finance 100% of everyone or we pay you 1000.00", because I know that the interest rate will be ridiculous. I'm working on getting my scores higher. I have a credit card that I'm paying down, also sent out a pfd today, for a small collection that I'm not responsible for, but I disputed, and it still remains. It's only 75.00, we will see what happens. Other than that, I don't know where else to turn. I'm so upset, my ex really screwed up my credit by filing for divorce, and forcing me into chapter 7 about 16 months ago. Thanks for everybody's input and advice. I really appreciate feedback.

Anonymous · ‎06-13-2007

I read a posting about the "big three" reasons for getting into credit problems. Loss of Job, Medical and divorce. Divorce got me as well....