If your credit is “less than perfect” and you are self employed, you may have noticed that it can be very difficult to get approved for auto financing. There are lots of reasons for this, but the most important reasons are: 1. Auto loans for self employed people tend to perform worse than auto loans for W-2 employees; and 2. It is often difficult for self employed individuals to prove their income using the standards that various lenders require.

How we can help:

The WA Auto Credit team has lenders that will help self employed people with bad credit get approved for auto financing to buy a car through WA Auto Credit. We even have lenders that will use only the deposits from your last 2 months personal or business bank statements to prove your income. We also have lenders that will look at only your last 3 months personal bank statements to prove your income.

Some lenders will use your last 2 years taxes to prove income. If you have not been self employed long enough to have 2 years tax returns, you are out of luck. If you are like most self employed people, you write off EVERYTHING on your taxes, so your Line 31 of the Schedule C’s does not show that you make very much money. Having the ability to use bank statements to prove income sets WA Auto Credit apart form our competition.

We feel it is important to be straight forward with our customers. If you have bad credit, and you are self employed, you are probably going to need to put some cash down when you buy a car. How much? Depends on what you need. The more down payment you have, the more vehicle options you will have. Figure a minimum of about $1500 to buy a basic car, and go up from there

. Lots of places will tell you (over the phone) that you are approved to buy a car with no money down, then when you are at their dealership you are told a much different story. We do not do business that way. If you want to know what you can get pre-qualified to buy at our Olympia, WA dealers, please apply for an auto loan today.

TIP: When you fill out credit applications, write the business name in the Employer field. Do not write “Self” or “Self Employed”. Got it?