The legendary detective, Sherlock Holmes seems to be capable of just about anything, but could he be approved for a reasonable auto loan? Because he is self-employed, the great Mr. Holmes of Baker Street might be wondering the same thing.
As it turns out, the famous sleuth doesn't need to worry his overly stuffed noggin. It is entirely possible for the self-employed to get a very decent car loan. There are just some necessary steps that must be taken in the process. First off, Mr. Holmes will need to . . .
Have a Down Payment
As a self-employed person, Sherlock will probably have to make a larger down payment than he would if his income could be verified. Of course, the exact amount of that down payment would depend on the lender and the strength of his credit score. And, ideally, this payment amount should be large enough to prevent the amount that Mr. Holmes owes from being more than what his new car is worth. Like most people, Sherlock Holmes would never want to be upside down on his loan!
Next, Holmes might be expected to . . .
Offer an Attractive Trade-In
If Mr. Holmes has little cash to offer when he decides that he needs a new car, he could offer an older car as a trade-in. He could always accept a tradable car as payment for his services, just as long as that car isn't being held by Scotland Yard as evidence.
He should also . . .
Provide Other Financial Statements That Prove Income/Overall Worth
It would significantly improve Mr. Holmes' chances for loan approval if he could provide a potential lender with bank statements that prove that he is regularly generating an income. Documents showing proof of savings and deeds indicating ownership of property would demonstrate his overall worth as a loan candidate. And making his tax records available would show what he is capable of earning in a year.
Choose a Reputable Lender
Here at Auto Credit Express, we specialize in helping people with difficult credit and frequently work with people who are self employed make the connection to auto financing. And we don't just cater to great detectives. If you, like Sherlock Holmes, are self-employed and need a car, please take a few minutes to complete our easy application. It's . . . Wait for it . . . Elementary.