I'm currently helping a friend who is new to credit, get an auto loan. He started with a CK score in the mid 500 range, and is now showing a CK score of 675. We are going to be pulling all three reports and scores from My Fico tomorrow, to get a better picture. He has no bad credit, and only 2 credit cards which I had him get about 6 months ago. Both from Capital One. One with a $500CL, the other started at $300 and received an auto CLI to $3100 (YAY!).
My question here is. He works for his dad as a brick layer. He receives a 1099. His checks come in the form of hand written personal checks, so there is no check stub. Would the cancelled checks and bank stubs be sufficient as proof of income for an auto loan? I've never really known anyone who gets paid that way...so, I'm not real sure how to approach it to get the best possible outcome.
Any advice would be most appreciated. Thank you!
Edit: They are hand written personal checks, but from a business account (so they are missing hourly pay, hours, etc).
