Self Employed Bank Statements

[Saprissa2010]

Does anyone have experience with the following?

I'm self-employed IT consultant. I recently signed a new client, and it doubled my income. Great!

The problem is at the present time I only have one month of bank statement that shows the additional income. I plan to be applying for an auto loan within the next two weeks. Previously banks have asked me to provide three months of bank statements for income verification.

Do you think it would be wiser to just list my former income that is documentable with more than three months of bank statements and tax returns? Or should I just be patient and wait until I have three months of bank statements with the full, new, doubled income?

 Thanks for your advice. 

[805orbust]

First, congrats on leveling up!  It's one of the things I love most about controlling your employment... you can accomplish feats like that. 

As for your question, from my experience back in the days when I was a sole proprietor,  only income/deposits that could show consistency over multiple months would count. Any business can have breakout months so I'd say either qualify for something with the current income level, put more down, or wait a few months to be able to prove a consistently higher number.  

Me? I would wait as I'm pretty conservative with that stuff and love to stack the deck in my favor as much as possible.  PLUS prices are starting to tank and end of year to end of February dealer lots are like ghost towns and the deals are sweet. I'm going thru the same thing now and the decline in prices since July is sick.  I wouldn't be mad either way tho, hard work deserves rewards.

[Saprissa2010]

Thanks a lot. That's a very good point about prices, too. 

I suppose I knew the logical thing was to wait. But it's good to get confirmation. 

[805orbust]

@Saprissa2010  on a side note, take a look at cars.com. Whether you're buying new or used you can get an idea of what current pricing levels are, PLUS they give you a history of the pricing individually and free Carfax reports. 

I'm looking to pickup a Honda Passport to drive back and forth to the office and some of these things have been sitting for 4 months and dropped $7,000 in price so the tides are turning. I've got my eyes on 3 right now and if I can squeeze another $1500 out of the dealer(s) I'll jump.  

[dunn2500]

i am self employed and financed 6 trucks over last 3 years or so......they never asked for verification for income, if your credit is good and history, they probably wont even ask.......when my credit was crap however on the first one they did

i financed thru GM, Navy and Pen Fed

car prices should get better but their are deals now depending on brand, interest rates may also climb as well so another thing to consider

i just bought another truck on halloween and got a pretty decent deal but i did travel to next state to get it

[805orbust]

@dunn2500 I agree, it is getting VERY interesting out there. I'm the same, I'll travel in a minute to get a deal on a car or truck. Especially the last few years with 3 teenagers coming of age... ugh

[Saprissa2010]

Chase and Capital One have offered soft pull pre-approvals saying I only need to provide a valid license and my insurance card, so I think I'm good. 

Thanks to everyone for your knowledge and support. 

I'll see what PenFed offers later this week.