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Can I get a car loan without pay stubs?
I want to purchase a car, but my lender told me I need to have pay stubs. I'm an independent contractor with fluctuating income via 1099s, but I do have enough income for a car loan—I just don't have the pay stubs! Can I still get a loan without pay stubs?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re an ambitious soul working for yourself, and many lenders respect that! If you have the cash flow, you can definitely get a
car loan
with only a 1099.Unlike those that get a steady paycheck, though, you’re going to have to provide further documentation:
- A profit-loss statement
- Two to three years of tax returns
- Bank statements showing cash flow
Great credit and a debt-to-income ratio below 43% can also present you as a prime candidate for a car loan.
Keep in mind that you’ll also need to have full coverage
car insurance
on the car loan as required by the lender. To get the best rates for car insurance, check out the
Jerry
app! We’ll get you customized quotes from top-of-the-line insurers, so that all you need to do is choose the plan that works best for you!Best of luck with the loan, and hope the approval goes smoothly!
View full answer
- Gregory R.
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