Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Today, there is no stability in a traditional workplace. So instead of finding a full-time job, people are more inclined to the idea of being self-employed. It helps them to be independent in making their own decisions. Being your own boss comes with a lot of perks but there can be a couple of problems as well. For example, a lender may not consider you worthy for an auto loan. But, do not worry. If you have the required documents, you will get one step closer to your dream car. Who is a Self-Employed Individual? A self-employed individual is not what happens to him but what he chooses to become. Being self-employed means you get to be your own boss. But, it also comes with its own challenges. You have to generate your own finance while maintaining the expenses of your company. Getting any type of loan is a challenge as the lender takes your unsteady income into consideration. Any time you need to purchase a car, you should arrange an auto loan in advance. You, as a self-employed individual, may face certain challenges while applying for an auto loan. The lender will ask you to submit tax returns of at least past two years. If you don’t have two years of tax return, you can present your bank statements. Be prepared, the lender may ask you for bank statements of last six months. Now, if you don’t have any of the documents, the lender may consider you nothing but a tax-evader. Documents Required for Easy Auto Loan Approval for a Self Employed Individual 1. Provide copies of tax returns. The tax returns report will include all of your taxable income. It serves as a proof of your income. The lender may ask you for copies of tax returns of at least past two years. Moreover, the lender takes a look at your gross income which is not a taxable income. So don’t worry about the tax deductions. 2. Bank statement is yet another method to prove your income. A bank statement provides information to the lender about your income. It proves that you have income but do not give information about how you have earned it. It is possible that you might have bank statements, but you can not provide the lender with copies of tax returns. In such a situation, he might charge a high rate of interest on your auto loan. 3. List down all the invoices. It will provide information to the lender about your past income and also give him an idea about the sources of your income. 4. It’s time to prove your residence. If you own a home, a mortgage statement will help you to prove your residence. It should be a recent one to prove that you still reside at the same address. 5. Are you a tenant? If yes, then provide a cancelled rent check as a proof. A cancelled rent check can help you prove your residence. Your landlord’s signature is needed to verify that you live at the mentioned address. 6. A utility bill can also work as a proof. You can provide an electricity bill or a phone bill, which is in your name, as a proof of your residence to the lender. 7. A lender may ask you to produce Form 1099which reports self-employed income. Be a Smart Self-Employed Car Buyer You can ensure easy auto loan approval by following the smart tips mentioned below: