How to Get a Car If You Are Self-Employed
You’re pleased with the progress you’ve been making with your own business, and now you’re in the market for a new car. Do you know, though, how to get a car if you are self-employed? With many Indianapolis, Avon, and Plainfield, Indiana, drivers working for themselves, you may need guidance from Andy Mohr Volkswagen to figure out how to get a loan in these unique circumstances.
What to Bring to Our Dealership
Since you will be unable to bring any W-2s to your finance appointment, you need another way to prove your income. Bank statements, deposits, and other similar documentation can serve as proof that you can pay back a loan.
Also, any type of tax form can support your goal of financing a car. These include your 1040, Schedule C, Schedule SE, and 1099, which you can order from the IRS if necessary.
Proving You’re a Reliable Borrower
When trying to prove that you’re worthy of securing financing for your car, you can provide other information. Bring proof of residence so that the lender knows that you’re an established homeowner or renter. Some of the documents can be your utility bills and mortgage statements, which show you’re prepared to pay on a loan.
Reputable references can support the cause as well. These include personal references such as trusted friends and family members. It can also include business references from fellow business owners or even clients that work with you.
What’s Your Credit Score?
With a satisfying credit score, you can build up your case for receiving financing for your future vehicle. Having a moderate to high credit score shows that you can pay back your loan and makes the lender feel confident in your borrowing status.
If you do carry less-than-perfect credit, feel free to talk to our finance experts to see how you can improve your score. Plus, you can consult with an expert on loans that may be available to you if you qualify.
Find a Co-Signer
Are you concerned that you may not be eligible for the loan or lease on your own? You could enlist a co-signer such as a family member or close friend. This can boost your chances of getting a loan for a car.
Remember that your co-signer will be equally responsible if you fail to pay the bills on time, if at all. Make sure that you pay your monthly car payments on time and in full or at least the minimum. Your late payments could affect your credit and your co-signer's.
Finance Options
To become eligible for a loan or lease, you must fill out the finance application. This gives our finance experts all the information that they need to determine your eligibility. If you qualify for financing, they will further lead you to a payment plan that fits your personal style and budget.
Finance Your Car at Andy Mohr Volkswagen
Although you’re proud of the fact that you’re self-employed, will it affect your ability to get a loan near Indianapolis, Avon, or Plainfield, IN? We hope that this article gives you reassurance that you can get financing if you’re eligible from Andy Mohr Volkswagen. Get started online today!