Independent Contractor + Roadloans?

escape2cali · ‎10-11-2013

Sorry, I spent a lot of time trying to look through these forums to find an answer, but it's hard when search bar keeps telling me it can't find any results for my keywords!

Anyway...

I haven't applied with RL yet, but I asked them a few questions since I am self-employed and wasn't sure on what they accepted as proof of income. They told me I would need 2 recent pay stubs as an independent contractor, but I don't really get pay stubs... I work on a website, and I'd have to print out my earnings per work period? Is that acceptable?

Also, do they verify your earnings with whomever you're working for? Not that I'm trying to do anything fraudlent, I'm just wondering because my company is not based in the USA and I don't even think they have a number readily available to call on their site. What kind of information would I need to provide with my print outs, if acceptable, when sending in my verification documents?

Also, do they want to know if you've been working a certain amount of time at a job, or do they check that? I read a horror story about a woman who changed job when she applied for roadloans, and they retracted the offer after they got the car. I've been working with various different sites since March '13, but it's all the same line of work. I mostly work on one site as of last month though.

I found a car at a carmax (since they're a franchise/partners with RL?) in another state and they said they could transfer it to my local carmax for $199. Does that change anything about the buying process?

I may have other questions, but I can't really think of them at the moment!

How long does it usually take for you to hear a response on your application?

Thanks in advance.

Revelate · ‎10-11-2013

Most lenders will accept tax returns instead of pay stubs; that's the traditional method for establishing income for the self-employed. They may even accept bank statements with a pattern of deposit, but I don't know if every lender will do that, it is a question for them.

The transfer fee doesn't change the buying process at all. Carmax is a national chain with admittedly a large selection of used vehicles, it's just a delivery charge: you can either go out to that location and get it, or they can ship it to you. Typically it's cheaper to ship it long distances both in money and in time.

mrmichaelscott · ‎10-12-2013

Hello Teethxo... depending on your credit history many times roadloans will not ask for proof of income when obtaining a loan thru them.... One stipulation they always ask for is proof of insurance. POI they might ask for I would say about 50% of the time... Also Roadloans=Santander=Drive they're all the same company so you can look into that when you need more information on the lender... I do work for Carmax so i'm very familiar with the process. What state and where do you live in? I might be able to answer more of your questions... But yea roadloans are pretty easy to approve, if you have dencent credit you should be able to get approved easily... Let me know if you need help

Creditaddict · ‎10-12-2013

I agree they only ask for proof as the credit gets worse and if it's at carmax I have never seen them ask for proof because it's all about approve and drive off and be done.
Go apply in your local location and be prepared to maybe offer 500-1000 down to help hope you satisfy some weird computer model but it will spit back if it needs more or something.
I have bought a couple times at carmax with some pretty bad credit!
Also not clicking "self employed" helps!
If you have a company, give that as employer and manager or something.

Revelate · ‎10-12-2013

@mrmichaelscott wrote:
Hello Teethxo... depending on your credit history many times roadloans will not ask for proof of income when obtaining a loan thru them.... One stipulation they always ask for is proof of insurance. POI they might ask for I would say about 50% of the time... Also Roadloans=Santander=Drive they're all the same company so you can look into that when you need more information on the lender... I do work for Carmax so i'm very familiar with the process. What state and where do you live in? I might be able to answer more of your questions... But yea roadloans are pretty easy to approve, if you have dencent credit you should be able to get approved easily... Let me know if you need help

There are lenders that don't mandate POI?

Not sure I would want to be dealing with any auto lender that didn't, then again RL is admittedly deep subprime and they have a certain percentage of defaults priced into their model undoubtedly for when an uninsured driver wrecks his car and potentially can't pay off the loan as a result: loss of secured asset is sort of a problem for most lenders, hence the POI is my understanding of it.

escape2cali · ‎10-12-2013

@mrmichaelscott wrote:
Hello Teethxo... depending on your credit history many times roadloans will not ask for proof of income when obtaining a loan thru them.... One stipulation they always ask for is proof of insurance. POI they might ask for I would say about 50% of the time... Also Roadloans=Santander=Drive they're all the same company so you can look into that when you need more information on the lender... I do work for Carmax so i'm very familiar with the process. What state and where do you live in? I might be able to answer more of your questions... But yea roadloans are pretty easy to approve, if you have dencent credit you should be able to get approved easily... Let me know if you need help

My credit is pretty shaky at the moment. I'm currently working on paying off some of my debts I've accumulated after I wasn't able to work due to health problems. And I'm pretty new to financing a car (my last two cars I paid for in full), do I have to get insurance for the car before I purchase it? How does that work? I live in Kansas and the nearest Carmax is in Wichita, about an hour and a half away from me. (They don't deliver vehicles after you've purchased them, do they?)

@Creditaddict wrote:
I agree they only ask for proof as the credit gets worse and if it's at carmax I have never seen them ask for proof because it's all about approve and drive off and be done.
Go apply in your local location and be prepared to maybe offer 500-1000 down to help hope you satisfy some weird computer model but it will spit back if it needs more or something.
I have bought a couple times at carmax with some pretty bad credit!
Also not clicking "self employed" helps!
If you have a company, give that as employer and manager or something.

My credit score is around 550. Are you saying I should apply directly through Carmax for financing?

It's a company based outside the US and don't really have anyway to contact them other than through email, but I'll ask and double check.

And thanks Revelate!!

Creditaddict · ‎10-12-2013

@TEETHxo wrote:
@mrmichaelscott wrote:
Hello Teethxo... depending on your credit history many times roadloans will not ask for proof of income when obtaining a loan thru them.... One stipulation they always ask for is proof of insurance. POI they might ask for I would say about 50% of the time... Also Roadloans=Santander=Drive they're all the same company so you can look into that when you need more information on the lender... I do work for Carmax so i'm very familiar with the process. What state and where do you live in? I might be able to answer more of your questions... But yea roadloans are pretty easy to approve, if you have dencent credit you should be able to get approved easily... Let me know if you need help
My credit is pretty shaky at the moment. I'm currently working on paying off some of my debts I've accumulated after I wasn't able to work due to health problems. And I'm pretty new to financing a car (my last two cars I paid for in full), do I have to get insurance for the car before I purchase it? How does that work? I live in Kansas and the nearest Carmax is in Wichita, about an hour and a half away from me. (They don't deliver vehicles after you've purchased them, do they?)

@Creditaddict wrote:
I agree they only ask for proof as the credit gets worse and if it's at carmax I have never seen them ask for proof because it's all about approve and drive off and be done.
Go apply in your local location and be prepared to maybe offer 500-1000 down to help hope you satisfy some weird computer model but it will spit back if it needs more or something.
I have bought a couple times at carmax with some pretty bad credit!
Also not clicking "self employed" helps!
If you have a company, give that as employer and manager or something.
My credit score is around 550. Are you saying I should apply directly through Carmax for financing?
It's a company based outside the US and don't really have anyway to contact them other than through email, but I'll ask and double check.

And thanks Revelate!!

oh 550... you are going to probably be asked for income verifcation.... I would just apply for the roadloads... it gives you options and approvals instantly and you can access the loan documents almost instantly and it will have a list of what you have to have at time of purchase so the dealer can fully finish the loan package and use the check that you have....

I believe they will accept bank statements and a tax return in replace for paystub. (it's about as flexible as it gets when being asked for proof of income!)

escape2cali · ‎10-12-2013

Okay.

How many bank statements do you think they'll ask for?

Also, based on the information I listed about myself (maybe you need more?), would I be required to put a down payment on the car? Or how much of a down payment would be required?