If you are a self employed worker there will be a lot of issues that you may deal with when working through personal finances. Some of the biggest problems are going to arise when trying to get approved for a loan and even worse will have only poor credit scores to back you up. Being aware of the true facts when dealing with this will be best to help you prepare for what you may have to deal with if you fall under these circumstances. Also knowing how to prove that you have self employment income will greatly help your chances in receiving a poor credit used auto loan. Keep in mind though that anything is possible even in the bleakest of situations.

Verify your Self Employed Income

Most of the time when applying for a loan if you are working with a bank or credit union you are not going to have to prove your income. Since in this situation though you are going to be dealing with a bank or credit union but instead a high risk lender which will require that you prove your income to them. This will either mean having a W-2 or since you are self employed anywhere from one to three years of professionally prepared tax returns.

The way that the lender is going to see the whole situation is if it is not listed on this type of tax return there is no hope. Even if you have bank statements that will not be very much help. So it is definitely a very risky process.

Other Requirements Mixing In

If you are trying to get approved for a used car loan with a bad credit score then you are going to deal with issues that may come from the lender themselves. One of the biggest hurdles that you will need to cross will be the fact that most of these lenders are going to have minimum monthly incomes that you have to overcome. While it may not be very hard to meet those if your debt to income ratio is too low because of monthly expenses then it can be very difficult for you to get approved in the way you would like. This is just something that you should keep in mind when seeking financing through a high risk lender for an auto loan with less than perfect credit.

The Bare Facts

When it comes down to it all this is a very difficult way to get approved for an auto loan. Most likely the only choice that you will have is to purchase a vehicle through a buy here pay here dealership until you can repair your credit score. Unfortunately you are not going to be able to improve your score through this way. There are always possibilities though and you can apply here with us for your best chances. There are no guarantees but if you do get approved you will be not only receiving a vehicle, but will also be on the path to a better credit score for next time.