Are you self employed and want an auto loan? Self employed people are just as deserving of car loans as W2 employees, without a doubt. That’s why we match you with a broad array of finance companies who can offer auto loans for self employed people. Not only does our system help self employed people to get pre-approved much more quickly than going to a bank or credit union, we will show you how to get the best APR rates possible.
Self Employed Auto Loans: The Application Process
Any time you need to purchase a car as a self employed person, you really should arrange your automobile loan in advance. That means applying online through our website. When you do this, we try and match you to the very best loan company based on various variables:
- Your City
- Your Credit Score
- How Much Money You Make
- The Down Payment You Can Offer
- Whether You Have Someone to Co-sign
This is the truth: there’s no faster solution to get the self employed auto loan you need.
Proof of Income
Before you sign for your loan, you will be required to furnish either tax returns or bank account information to confirm your income. This takes the place of pay stubs, required of regular W2 workers as proof of income. Lenders use your monthly income to determine how much you can borrow. Generally you can borrow an amount equivalent to 6-10 times what you earn each month before taxes, depending on your credit score and debt-to-income ratio.
Auto Loan Rates for The Self-Employed
With regards to car loans, self employed people can anticipate rates that line up with their credit ratings. Beneath are a few countrywide approximations:
- Good Credit: 6-8%
- Average Credit: 9-14%
- Poor Credit: 14-21%
Keep in mind, these are simply approximations; APR rates vary drastically according to region, wages, amount borrowed, and term length.