If you want to get approved for bad credit auto financing with absolutely no cosigner and you are your own boss you will want to explore other options for a loan other than going to your bank. If you are your own boss it will be very liberating knowing that you are completely in control of everything, but it can also come with a lot of stress. One of the most stressful aspects can be trying to prove your income when necessary. It can be a tricky thing when applying for bad credit financing to get a used car but it is something that definitely can be accomplished. Very easily though it is easy to get shot down when filling out an application, but hopefully there is some advice we can provide you that can help to make sure that you can get in a car as quick and painless as possible!

What to Know

We here at FundingWay.com have many years experience in helping those in some of the most difficult of credit and financial circumstances be able to get approved for a local auto loan with very little trouble. Now if you are an independent contractor, have no cosigner, and bad credit then unfortunately things are going to look kind of bleak.

The main struggle that people are going to have is trying to report their income. Because your credit score is not the best a lender will need to rely on your income to approve you for a loan. If you can not report the income then there is an obvious problem. In their eyes just because you say that you make a sufficient amount (which you very well may) if they can not see it you could just be trying to pull some sort of scam over on them.

Instead of receiving a typical W-2 like a regular employee you will not have that to show because you are your own employee and employer. Instead you are going to have a 1099. This will then have to jump through a few hoops that will eventually get you to a 1040. However a lot of independent contractors will do bookkeeping a bit differently which will result in them saving a bit of money, but will not allow any proof of income for the future. A lot of people do not participate in this, but there are many who do so depending on which you are will either make proving your income very simple or very difficult.

How to Improve your Chances

One of the best things you can do if you are not correctly reporting your income is to do so. This will then help you by greatly improving your chances of getting a high risk auto loan. It may take more time than you originally had hoped or expected, but it is going to be well worth it in the end when you can get that loan that you need. With that loan you will be able to improve your credit score and make your whole financial standing much more comfortable. When you are ready or if you are ready let FundingWay.com help. We have a simple application that will take just minutes to fill out and will be able to get you the best deal possible.