How can I get an auto loan as someone who's 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?"

Answer
“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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Eric Schad
Answered on Jun 02, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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