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1099 employee auto loan

Established Member

1099 employee auto loan

I'm looking to buying a new car sometime in the next few months. I just started working as a 1099 employee. How hard is it to get approved for a car loan as a 1099 employee? 


My avg weekly pay would be around 500 to 700 gross depending on how much I feel like working


My fico scores are 770 T.U. and 759 ex. 

eq. Is unkown as I havent seen a free fico of my score report is frozen anyway.

Message 1 of 3
Valued Contributor

Re: 1099 employee auto loan

Not all lenders will lend to self employed.  That being said with your scores it should not be an issue.  May need to provide bank statements and/or copies of 1099 if POI is a stip.  

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500

Closed CreditOne $800, Blaze MC $3,000, Waufair $5,000

Infiniti Financial lease
Subaru/Chase 1.99%

Message 2 of 3
Frequent Contributor

Re: 1099 employee auto loan

Given your score's, as long as you have comparable past credit you will be just fine.


1099 employee's only have issue's getting auto loan's if their credit is good, as bank's are more likely to stipulate for proof of income when credit is an issue.


Typically lender's will require 1-2 year's worth of prepared tax return's and they will be looking at Form 1040, Schedule C, line 31 which will be your yearly income. Some lender's will take personal bank statements to prove 1099 income as long as the deposits are made consistently into a personal bank account.


In summary, with good credit, lender's typically will not request proof of income most of the time and you should be fine with your stated income. Goodluck!

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 3 of 3
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