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How can I prove my income for a car loan if most of my income is cash tips?
"I want to get a car loan, but the only income I report is the $3.15 wage I get as a server.
Can I prove my income in another way if I want to get a car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You should be reporting all of your tips to the government for tax purposes. But, in reality, most servers only claim a small portion of them.
If this describes you, then you’re going to have a tough time providing adequate proof of income, as you can’t prove you made tips you haven’t claimed.
If you want to get a car, you might want to consider declaring your tips as taxable income. Or, you can save up and pay cash for a vehicle.”
View full answer
- Gregory R.
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