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Posted in Auto Loans
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jvandervennet86

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car loans with home business
My husband and I run an Ebay store from home. Our income varys every month. We would like to trade in our car that we still have a loan on, but don't know how to prove our income to be able to get a new loan. my credit score is a 770

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You have more than one credit score. If you have 770s with each bureau in the FICO version, then you have a pretty good score. Be aware though that there are auto enhanced versions of FICO scores as well and some lender may use them. You will have to find out from the lender you might apply with, what types of credit scores they use and from what bureau. The majority of auto lenders will not use the scores provided by Credit Karma, I highly doubt that any do.

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The better your credit rating, the less documentation the auto lender will want. Every lender is different though on what they require. I do know that there are some lenders out there that specialize with self-employed people and they can accept bank statements as proof of income. I am sure that rates will be a little higher with places like this. You may even be able to print out your Ebay info to use as documentation with places that deal with self employment. I would assume that your best bet is to look for a lender that deals with self employment and let them run the credit app for you as they know all the tricks and they will want you to get approved as much as you want to get approved.

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To avoid all of the above, if you have 2 years prior tax returns for your business, that will satisfy most lenders as long as you show a high enough income to pay for the auto. Size of down payment should have a lot of influence as well.

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