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Can I get a car loan if I'm a freelancer?
I'm a freelancer, so I only get 1099s from my clients. When I went to apply for a car loan, the bank said they only accepted pay stubs as proof of income. Do these 1099s work for a loan application?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a
car loan
as a freelancer is similar to being a salaried employee with only one major variation: you’ll have to use 1099s and bank statements as proof of income rather than W-2s or pay stubs.Because you’re a 1099 worker, lenders may also want to see your tax returns to verify your income over an extended period. But if you can prove steady income over the last six months to a year, you shouldn’t have any problem getting a car loan, provided that you have a good credit score.
If you want more information, simply ask your lender. They’ll tell you exactly what they need to get you approved.
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