Getting and auto loan as self employed?

[CJIII29]

I am wondering if was to start a carpentry business next year, how long would I have to be in business to get me a auto loan or mortage?

[Revelate]

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@CJIII29 wrote:

I am wondering if was to start a carpentry business next year, how long would I have to be in business to get me a auto loan or mortage?

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2 years tax returns is the standard for income verification; I don't know whether you can use your old non-business one, clearing the DTI hurdle is really the only salient portion to my knowledge.

[CJIII29]

I am not really making enough on my current job to afford a truck.

[Revelate]

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@CJIII29 wrote:

I am not really making enough on my current job to afford a truck.

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Yeah, I'd go ask in the mortgage forum honestly as that's where it's going to be a sticking point: auto loans are trivial to obtain in comparison, especially if you can throw enough money down off the cash flow in your business though worst case it'll be the same standards.

[CJIII29]

Going to get the truck first.

[dman23]

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@CJIII29 wrote:

I am not really making enough on my current job to afford a truck.

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If you can't afford a truck why are you considering buying a truck?

[awp317]

contracting with out a van or truck is pretty difficult. But I was able to get car loans after 2 years of employment under my corporation. However that was back before the bubble burst. 

[dman23]

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@awp317 wrote:

contracting with out a van or truck is pretty difficult. But I was able to get car loans after 2 years of employment under my corperation. However that was back before the bubble burst. 

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I gotcha. That's what I figured. You have take a chance and hope that getting the truck pays off.

[CJIII29]

Because I need one to do side work. It will be a used truck, I only around $20,000 a year on my current job.

[CJIII29]

I have and old s-10 park in the yard that I might have to fix as a last result.