Financing Question?
Thread Starter
Drifting
Joined: Sep 2009
Posts: 1,365
Likes: 12
From: Atlanta GA
Financing Question?
I've heard of a few companies on the site that offer financing. My question is I would like to know what options I have out there as self-employed business owner? Most dealerships don't make you provide DOCS anymore, you are just in and out. The only thing I'm really trying to avoid(no choice) is proof of income. Credit score is over 800. I plan on putting $10-20k down depending on the car.
Maybe some of you have gone through this already so I figured I would ask for some opinions. I would really like to buy from an individual to make it a more personal purchase and also avoid paying taxes at the dealer.
Thanks in advance for your input!
Maybe some of you have gone through this already so I figured I would ask for some opinions. I would really like to buy from an individual to make it a more personal purchase and also avoid paying taxes at the dealer.
Thanks in advance for your input!
Racer
Joined: May 2008
Posts: 327
Likes: 2
From: Livermore California
Yes and no ... you still have to provide info on the credit app., your income is primary, unless you have assets that will cover the cost of the car (collateral). you don't need 10-20% down, but you do need to show that you can make the payments. we also have "perfect credit" (860 plus) and got our ordered 2012 GS Vert. for the $1k deposit and $1k Chevrolet owners discount. payment are payments. it does make your loan attractive to banks that will not give you the entire loan.
if you want to purchase from an idividual, he/she will still need all the cash up front anyway, unless they float you the loan on their terms. the dealers (forum) will still give you great discounts and their financing is not really out of line. as an example, We went to our Chase bank and the would only finance 70% of the price of the car. the dealer gave us a better loan for the car and warranties together and then Chase bought our loan a week later. go figure. don't give up there are fabulous deals for just the asking. good luck.
if you want to purchase from an idividual, he/she will still need all the cash up front anyway, unless they float you the loan on their terms. the dealers (forum) will still give you great discounts and their financing is not really out of line. as an example, We went to our Chase bank and the would only finance 70% of the price of the car. the dealer gave us a better loan for the car and warranties together and then Chase bought our loan a week later. go figure. don't give up there are fabulous deals for just the asking. good luck.
Last edited by C3-PO; May 13, 2012 at 03:31 PM. Reason: hilarity
Thread Starter
Drifting
Joined: Sep 2009
Posts: 1,365
Likes: 12
From: Atlanta GA
Thanks for the info C3, Obviously I can provide info and do the necessary paperwork just like at the dealer. My biggest concern was proving the income with W2s, stubs and what not. I haven't had to do that for the last 5 vehicles I've purchased at dealers. And I'm sure I wouldn't if I bought the Z at the dealer either. Buying from an individual is where my question lies with the financing.
Intermediate
Joined: Feb 2012
Posts: 29
Likes: 0
From: Southeast Idaho
where do you plan to finance the vehicle if you purchase it from an individual? Generally, people will go their bank that they use for their personal accounts. Talk with them and see what they are offering in regards to rate as well as the percentage of the vehicle's book value they will finance and which book they use. If there is a bank or credit union that wants proof of income on an 800+ credit score that is only taking a loan for 75% of book (with what you will be using from your personal funds) they are crazy. I ran a dealership for 15 years and it would have been rediculous for a bank to ask for POI on a customer like you. Keep in mind, that you are a source of income for the lender and exercise your right to shop for a lender that wants your business. There are tons to choose from and they all want A tier customer loans.
Thread Starter
Drifting
Joined: Sep 2009
Posts: 1,365
Likes: 12
From: Atlanta GA
Good points, I guess why I was asking is because I went through this last year while buying a boat. But the loan circumstances are a bit different on them. I use Wells Fargo so I guess I will just start there tomorrow.
Does anybody know what the good interest rates are at on used cars right now?
Does anybody know what the good interest rates are at on used cars right now?
Instructor
Joined: Apr 2012
Posts: 170
Likes: 1
From: Silicon Valley CA
You won't get asked for Proof of income if you're score is that high and you put 10+ down. I would suggest that you NEVER write "self employed" on a credit application. It's a red flag to lenders. Next thing you know they're asking for you last two years tax returns. Instead, I recommend listing your business name and your position as President or V.P..
As for financing, under 3% for 60 months is a good rate but I don't think you'll get it a Wells Fargo right now. First try a local credit union. Better to go to a dealer with your own financing then you can use it as leverage if the dealer want to try to get you a lower rate for the same term. Good luck
As for financing, under 3% for 60 months is a good rate but I don't think you'll get it a Wells Fargo right now. First try a local credit union. Better to go to a dealer with your own financing then you can use it as leverage if the dealer want to try to get you a lower rate for the same term. Good luck
Pro
Joined: May 2009
Posts: 527
Likes: 0
From: Prestonsburg Kentucky
I work at a dealership, and I highly doubt any bank would ask for POI on an 800+ score especially with that kind of money down. As far as buying from an individual, you might could talk to a local dealer and see if they would buy the vehicle from the individual and you buy through them. Obviously you would have to pay them a little profit, $500-$1000 would be more than fair, plus their doc fee. But that little extra money might be worth it vs the hassle of doing it through your own bank. Good luck.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Top 10 Corvette Engines RANKED by Peak Torque (70+ Years of Muscle!)
Joe Kucinski
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Top 10 C9 Corvette MUST-HAVES to Fix These C8 Generation Flaws!
Michael S. Palmer
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
2027 Corvette vs The World: Every C8 vs Its Closest Competitor
Joe Kucinski
10 Most Common Corvette Problems of the Last 20 Years!
Joe Kucinski
Thread Starter
Drifting
Joined: Sep 2009
Posts: 1,365
Likes: 12
From: Atlanta GA
you might could talk to a local dealer and see if they would buy the vehicle from the individual and you buy through them. Obviously you would have to pay them a little profit, $500-$1000 would be more than fair, plus their doc fee. But that little extra money might be worth it vs the hassle of doing it through your own bank. Good luck.
I'm going to speak with our credit union and Wells Fargo to shop some rates.
Thanks for the replies, I appreciate it!
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
Like the guy who sells cars said,with that money down and score I wouldn't worry about it.If you choose to however,just put down whatever income you can prove and that's that.Here another tip you may or may not know.The IRS will be notified of any deposit/downpayment over 10 grand that is cash or considered cash.So don't bring cash.Write them a check or something! 
4th Gear
Joined: Sep 2012
Posts: 4
Likes: 0
From: Ashland Orgeon
Most probably financing offers are good for government employees than private. Most company should give first preference for government employess. Your credit score is good. If you have any bad credit or pending loans?
Safety Car
Joined: Aug 2012
Posts: 4,377
Likes: 1
From: Danbury CT
I just got 2.01% from Citizens for 60 months three days ago and didn't put down a dime. Your credit score as a few have said will easily get you top tier w/out proof of income! You may even get below 2%.
Last edited by Big Dan 427; Sep 10, 2012 at 10:01 AM.
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
One little sheet of paper is all it took for me to get my new car loan in dec. A 1099 filled out with my income. My accountant faxed it to me in one minute and i had my car loan at the dealer one minute later. Thats all it takes for a poi for self employed.
