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.
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.
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.