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Can you get a car loan with only a 1099?
I'm a freelancer and my income varies from month to month. Because of this, I also don't have regular pay stubs; instead, I get 1099s from my clients. Is there any way that I can use these to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a great question! I’m happy to say that you can get a
car loan
with only a 1099. However, you’re going to have to bring different documentation than an employee of a company.Some documents that the lender may ask for include:
- A profit-loss statement
- Two to three years of tax returns
- Bank statements showing cash flow
If these show a steady amount of income, great credit, and a good debt-to-income ratio, you’re a prime candidate for a car loan.
Remember that if you’re approved for the loan, you’ll also need to have full coverage
car insurance
on the car loan as required by the lender.To find the best rates in just a few minutes, download the
Jerry
app—we’ll get you personalized quotes from top-of-the-line insurers so that all you have to do is choose the policy that works best for you!Best of luck with the loan, and with the new ride!
View full answer
- Gregory R.
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