Financing a car...advice please!

[paige1313]

I have been camming for a little over 3 months now and need to finance a car. I live at home, have no bills and I have NO CREDIT whatsoever and have chosen to get a direct deposit from my camming studio. With that being said I have no paystubs either. This dealership says they will work with people with no credit but as far as my income, what do I do?? Will bank statements work? I can't ask my parents for help on this one and I NEED a vehicle asap...

 

[PlayboyMegan]

Bank statements should work. Or you can just print out that page on MFC that shows your monthly income. That cool work, too.

 

[AshleyNicole_]

It depends on the dealer on what they will require. Sometimes with self employment they need more than a 3 month history. Usually bank statements work.

 

[KylieJacobs]

Just make sure that they know that you're self employed/independent contractor otherwise they will probably require paystubs which you don't have since you are self employed. Other people have run into that problem in the past.

 

[paige1313]

Just make sure that they know that you're self employed/independent contractor otherwise they will probably require paystubs which you don't have since you are self employed. Other people have run into that problem in the past.

Okay, so I go ahead tell them I'm self employed and show them my bank statements? What if they ask me what it is I do? Haha sorry for the questions I'm just getting super nervous since I've never done this and someone usually always helps me.

 

[paige1313]

Bank statements should work. Or you can just print out that page on MFC that shows your monthly income. That cool work, too.

Okay, I'll try the bank statements. I cam using streamate, I'm not sure they have something showing a monthly income?

 

[fawkesy]

What I did was save up about 10G, and just left that in my savings account, then I went to Carmax. Make sure you have a chunk to put down besides whatever is in your savings. They will ask how much you are willing to put down, I told them 7G (what i had in my checking), so the more you can put down the easier it will be. They financed me against my savings account. So my savings is still untouched!

 

[Jesse0328]

Before you finance through a dealer, talk to your bank or a credit union about getting pre-approved for a loan. Your less honest dealers can sometimes take you for a ride by structuring insane financing terms, especially if you're swayed by the payment number alone.

If you can put twenty percent down on a car and have stable cash flow, I don't necessarily see why you couldn't get a car loan at a reasonable interest rate.

 

[KylieJacobs]

Just make sure that they know that you're self employed/independent contractor otherwise they will probably require paystubs which you don't have since you are self employed. Other people have run into that problem in the past.

Okay, so I go ahead tell them I'm self employed and show them my bank statements? What if they ask me what it is I do? Haha sorry for the questions I'm just getting super nervous since I've never done this and someone usually always helps me.

Model, customer service, performer, artist, internet sales, etc.

I don't think they will really ask once they know that you're self employed. They will probably be more concerned about how much you make.

If you get 'model verified' on this site, there is also a couple threads with more information.

Edit- Here's the thread I was thinking about, it's in the main section: https://www.ambercutie.com/forums/viewtopic.php?f=15&t=15661