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How to get a car loan when you're self-employed?
"I want to get an auto loan, but I'm self-employed. I've read about the hoops you have to jump through to get any type of loan if you're self-employed.
Can I get an auto loan? How do I go about it?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can certainly get a car loan if you’re self-employed. But since you don’t have W-2s like a traditional employee, you’re going to have to provide additional documentation.
Usually, this will be in the form of your tax returns for the last two or three years. Keep in mind that things like your debt-to-income ratio, your credit score, and the loan-to-value ratio will still come into play.
But if you can prove that you have decent income and a great credit score, it shouldn’t be a problem to find approval. And if you’re getting hassled, go to a local bank or credit union. They’re typically more willing to work with you.”
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- Gregory R.
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