Working for cash could mean a few things. Are you getting tips for a portion of your income? Are you a contractor? Or are you working for CASH that your employer does not report because they don’t want to pay taxes? First of all if you have some time before you need to buy a car you should prepare. To prepare for an auto loan with partial cash or all cash job you should develop as many ways to show the lender your income as possible. You should open up an account, whether it be a checking or savings account at your local bank. Once you have an account, you can deposit ALL of your income in. You don’t need to keep it in the bank but showing that money coming in on a regular basis at regular intervals may help prove income. If you are contemplating not showing any or part of your income on your taxes you should reconsider. Aside from being illegal, you may be hiding the very income that will make your debt ratio low enough to get a loan.
If you don’t have any time to set up an account or show all of your income on your taxes, you may be able to get by with a detailed letter from your employer. This letter should include your hire date, your hourly rate, schedule, and that they expect that this will continue indefinitely. This will not pass as proof of income in many cases but some finance managers will be able to use this.
Bad Credit Auto Loans – Bad Credit Car Loans Blog
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