I am wondering how difficult it is to get a car loan if you work as an IC. sm - Curious
Posted: Mar 02, 2013
I have looked online a bit and the applications usually say something about submitting 2 pay stubs. Since I am an IC, I do not get a pay stub, and a couple of articles I have read said it is more difficult to get a loan when you are an independent contractor, particularly if your credit score is not outstanding.
Has anyone had any experience with this and/or have any tips?
TIA.
I simply took in my previous 2 years of tax returns - anon
[ In Reply To ..]
as that gave them a better average idea of how much I made and I got the loan no problem
They may want to see 2 months worth of - bank statements as well
[ In Reply To ..]
The tax returns are always necessary as an IC but I have also been asked for bank statements as well as a backup.
I would think as long as your income is stable - sm - INKMT
[ In Reply To ..]
there should be no issue. I just got a personal loan (unsecured) for $15K to finish paying off cc debt. I had to give my last two years tax returns, and I also included paystubs from a third job I was doing at that time that brought me in an extra $400-$800 a month. They had no problem giving me the loan. So now cards are paid off (one was killing me with $200 a month in interest and refused to work with me, A-holes), I am paying a lot less interest and just that debt now, nice feeling. But if I could get a loan for that much on $25-$33K a year I am sure you can get a car loan.
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