First Time Auto Loan. Self Employed. FICO 770+

[EventHorizon]

With my prior cars, I always paid cash but this will be the first time I'll be getting an auto loan. FICO score is 770+ with over 100K in revolving credit. I'm self employed and my current business is rather new so I won't have years of tax returns to show for it. So I'm looking to find an auto loan that will be no doc or at least limited to just bank statements. Looking to borrow 40K. I have a vehicle to trade in which I imagine I would get roughly 10K for with no other forms of down payment. I was wondering where I should start looking to get an auto loan with a low APR that will be no doc/low doc. Any advice would be greatly appreciated.

[Remember0]

Do you want the loan in your name or in the name of the business? If your name, do you happen to have personal tax returns that show income for the last 2 years (where it's from doesn't matter)?

If you want the loan in your own name, I'd start with BofA. Also remember that if you put self employed, the odds of verification go up. In no way am I suggesting lying; do NOT lie on a loan application...it's a crime to do so. If it's accurate, perhaps you could be employed as a manager or something at your client? Again, I am not saying you should lie, only put what is accurate on a loan application.

[junior88]

I would try State Farm. They have not asked to verify my income at all. I'm working on financing my 2nd car with them in a short amount of time.  They have pretty good rates as well. Just call a local agent and do the app. They will pull TU.

[ExplicitElicit]

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@junior88 wrote:

I would try State Farm. They have not asked to verify my income at all. I'm working on financing my 2nd car with them in a short amount of time.  They have pretty good rates as well. Just call a local agent and do the app. They will pull TU.

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BOOM! As someone who works for State Farm we don't verify income unless your credit profile is thin and risky. If you do however put Self employed we will but as Remember0 said please don't lie on your app. Our rates are very competitive and we offer free GAP insurance with every loan so that saves you about $5-$15 a month! Good luck! 

[junior88]

@ExplicitElicit - I knew you would like the State Farm plug! Ha!  They do treat you well.

[EventHorizon]

So if I put that I'm the manager of my business instead of just putting self employed, this will lower the probability of income verification? I'll look into applying with State Farm. Anyone have any other place they would recommend?

[09Lexie]

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@EventHorizon wrote:

So if I put that I'm the manager of my business instead of just putting self employed, this will lower the probability of income verification? I'll look into applying with State Farm. Anyone have any other place they would recommend?

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Indicating that you are an employee (w/2) rather than self employed is fraud and unethical.  If asked for paystubs, what would you provide?

[ExplicitElicit]

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@09Lexie wrote:

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@EventHorizon wrote:

So if I put that I'm the manager of my business instead of just putting self employed, this will lower the probability of income verification? I'll look into applying with State Farm. Anyone have any other place they would recommend?

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Indicating that you are an employee (w/2) rather than self employed is fraud and unethical.  If asked for paystubs, what would you provide?

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Very true. I know you're self emplyoyed but how do you pay yourself? For example my boss is the owner but he the company pays him as if he was the employee. He claims he's the president on apps. As Remember0, Lexie and I said though don't lie on apps please. 

[Remember0]

EventHorizon, do you have personal tax returns that show a income for the last two years? It doesn't matter that you have a new business and that the entity has no returns. Honestly if you have personal returns for the 2013 + 2012 tax years that show income (from like any source really), you'll have no issues with income verification.

[EventHorizon]

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@09Lexie wrote:
Indicating that you are an employee (w/2) rather than self employed is fraud and unethical.  If asked for paystubs, what would you provide?

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 I have bank statements and investment account statements that I could provide. I guess I was hoping my credit scores could make income verification requirements more lenient.