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Getting Approved For Auto Loan When Self-Employed

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Getting Approved For Auto Loan When Self-Employed

I just got rejected by Capital One for an auto loan for not having enough income even though I really did. The problem is that I dont pay myself very much. Instead I leave the balance in my Biz account and use it for another business. CapOne told me that I needed to submit 3 months of personal bank statements. I sent them statements for two personal accounts that I hold and they then told me that  I could only use one even though niether one by itself was enough for me to meet their $1800 monthly minimum income. The will not look at my business account.

 

 

Any ideas where I can go for an auto loan where the bank will consider my business income? Thanks.

1 REPLY 1
Senior Contributor

Re: Getting Approved For Auto Loan When Self-Employed

I'm not sure that because Capitol One turned you down that you can't qualify for an auto loan through another bank or credit union - although you may need to provide proof of income such as a profit and loss statement and perhaps your business tax return. I was self-employed for 18 years and purchase/leased numerous vehicles in my personal name with no issues. Another avenue is dealer brand captive financing such as GM Financial, Ford Credit, Toyota, etc. 

 

I certainly would not get discouraged because Capital One said no - they wouldn't give me a credit limit increase on a 3 years old "perfect payment" credit card ($3000 limit) and I had a high 6 figure cash deposit saving account WITH Capital One at the time - yes I canceled the card and took my business to another bank. 

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