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Best lender for self-employed (1099), used car, 700 credit?

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diane11
Valued Member

Best lender for self-employed (1099), used car, 700 credit?

I have been self employed/a 1099 worker for several years. My FICO scores are all about 700. I'm looking to purchase a used car with a large down payment - $23k purchase price, $13k down, and would like a $10k loan. Can anyone recommend a good lender for self-employed folks with OK credit? I'm in Massachusetts.
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Remember0
Valued Contributor

Re: Best lender for self-employed (1099), used car, 700 credit?

Firstt off, assuming the 700 is a FICO, you don't really have ok credit, you have pretty good credit in the world of auto financing. With that kind of DP,  daler will have no issues getting you financed. I'd maybe recommend trying DCU before the dealer so they don't try to rip you off. As I recall DCU's rates are the same new or used (4.24%).

 

PenFed has lower rates (3.49%) assuming you are ok with a 36 month term, though PenFed will be harder to et approved for so I'd personally do DCU then ask dealer to beat the rate (if you don't care about inquiries).

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Girlzilla88
Valued Contributor

Re: Best lender for self-employed (1099), used car, 700 credit?

I would say try your local CU, if you try through the dealer typically they require two years 1099 and 6 months worth of Bank Statements minimum but keep in mind too if you go through the Dealership preowned is harder to get approved than New was there a reason specifically you want preowned?!

 

 







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