Wednesday, 29 July 2015

How To Get Self Employed Car Loan?

Though you may find it surprising, but it is actually possible to find an auto loan for both used and new cars even with a bad credit score, even in case you are self-employed. Besides, this way, you will also be able to save a lot of money on the selling price. But you need to show the documents to prove the income and this thing differentiates the self employed people than others.

So, whether you want to own the business or an independent contractor doing job in any company, it is possible to verify the income with the tax returns and other types of tax documents. There are a complete range of options for self employed car loan and the thing that is necessary to establish first is whether the vehicle is used for the business purpose and if so, then what percentage would be used for the business purpose.
So, before you apply for the 0 percent car financing for self employed people, you must collect all the details required for the application. Besides, for the self-employed people, it is also necessary to get the tax returns of the past two years. Apart from that, it is also important to have the following documents:
  • Proof of residence: Before you apply for the refinance car loan bad credit, you need to provide the proof that you stay at the stated address with the utility or phone bill. Only use the bill with the present address listed from any account in good standing. There are a number of lenders, who will allow you to prove the residence in some other ways.
  • Lease/mortgage documents: The lender would like to see the home loan documents in case you own your own house or a copy of the lease in case you rent. Besides, you will also have to provide the contact details of the landlord. It is because, the lender will like to know that you have a comparatively stable living quarters so that you can pay back the loan properly.
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