Fashionâ„ista asked:
If you own a business, is it better to apply as a business owner or as an “employee” of the company when applying for an auto loan?
If you own a business, is it better to apply as a business owner or as an “employee” of the company when applying for an auto loan?
I am aware that some lenders have very strict policies for business owners, so is it better to just apply and list your company’s name as your employer? Are pay check stubs acceptable proof of employment or do they usually require tax returns?
Frank
Jesse
When I applied for a car loan 2 years ago, I listed myself as the business owner. I didn’t have to supply tax returns, bank statements or anything. That was with Capital One. I am not aware of this prejudice against business owners. Maybe it is a new thing, as credit wasn’t so tight 2 years ago.
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