Independent Contractor - will I be approved ?

[Anonymous]

Hey guys,

I'm looking to lease a new vehicle within the next 3-4 months. While I'm certain I can afford the payments I'm getting a little nervous about the approval as I'm newly self-employed (~6 months). This means I don't have any tax returns showing my current level of earnings. I do contract for a company who does income verification but I have multiple streams of income so not sure if this will be enough.

Credit Score: 787 TU, 741 EQ

AAoA: 7 years (I'm young!)

# of positive trade lines: 1

# of negative trade lines: 0

Income: 86,000

Lenght of Employment: 6 months

Previous Loan Experience: Student loan installments

Debt-to-Income (DTI): 25%

Year of Car: 2016

Miles: N/A

Purchase/Refinance: Lease

Requested loan term (XX Months): 36 months

Down payment amount: Hopefully none as it's a lease but up to $5000 in multiple security deposits

Co-borrower/Co-Signer: N/A

Other:

For the record I'm looking to lease a new 2016 Mercedes GLC. I have heard they are very stringent in their requirements so I'm hoping my credit is still high when they pull auto enhanced (I have no auto financing history so I assume it will be lower).

[Anonymous]

Welcome to the board.  You are worrying too much and will be fine.  Your employment is fine and shouldn't incur any problems. Read www.leaseguide.com before you embark on this exciting journey.

Keep us posted should you get the car.

[Creditaddict]

I have heard Mercedes isn't all that hard as most car companies are not these days actually.

Just list your company as your employer and you as a manager or some other title (not owner) then they won't even blink at employment because your tier 1+ credit score will sail you through!!