Auto Loan as Sole Proprietor

Anonymous · ‎08-09-2018

I am trying to finance a loan through a dealer with Capital One. I've run into an issue they have with my claimed income. My YTD gross is what I stated. However one of my personal bank statemtents does not reflect this. They said they don't accept business bank statements. Sometimes I do make personal purchases out of that account if I need to pay something after collecting invoices. I may not get to the bank to do a transfer. That's why that particular month was the case. Does Capital One not know how to actually think and research outside the box? If I hadn't labled my account as Business Checking and not have my DBA on that account they wouldn't have known any different on the statement.

sccredit · ‎08-09-2018

Capital One very very rarely finances self employed. In the past I have had most financial institutions (via dealer) accept business bank statements as POI. What does the dealer say?

Anonymous · ‎08-09-2018

Supposedly it was going before a committee for approval. The other dealer said the person that approved wasn’t there today. It’s not been an outright no like some other places.

Anonymous · ‎08-11-2018

Just for fun I applied with DCU for an auto loan. Woke up the next morning to an approval email! Why can't my CU of nearly 30 years not trust me, but some CU in the north east? Oh and the Cap one committee that apparently can't understand bank statements.

Anonymous · ‎08-13-2018

Check is in the mail! I was approved for $8K on a $10K vehicle. 10.99% for 48 months. I’ll take that over 25% or flat out denial any day! Fico scores were 607, 592, and 553. Mortgage was 60 days past due since December. We were able to FINALLY catchup.