How to get Financed
if you are Self Employed
Before the economic downturn of 2008, it was fairly easy to get into a
car loan even if you were self-employed. Unfortunately, some
unscrupulous people took advantage of the system and made it much more
difficult for honest self-employed professionals to get car loans.
However, if you can prove economic stability companies such as Auto
Credit Financial will take a chance with you.
Self-employed people usually do not get a steady paycheck from one
employer. That fact makes it much riskier for a lender to issue the
car note. You must prove through tax returns, banking account
statements, and a solid credit rating that you are making money even
though you do not work with a traditional employer.
If you have a history of credit problems and are self-employed, when
it comes to financing a new or used car you have a tough road ahead.
Is the situation entirely hopeless? It depends upon the seriousness of
your credit problems and how long you have been self-employed.
If you can prove two or more years of stable income and offer a vehicle trade
in or cash down payment, you are much better off than someone who
recently became self-employed with no track record.
Let our staff of professionals work out the details!
The bottom line is if you can prove your self-employed status does not
make it difficult for you to pay bills, you can probably get a loan
for a good used or new car. While you can get a loan without a down
payment, if you can put at least 10 percent of the sticker price
toward the vehicle purchase you will get an excellent interest rate.
Auto Credit Financial Services.
a Mark Hergert Company