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Can you get a car loan with only a 1099?

I'm a freelancer and my income varies from month to month. Because of this, I also don't have regular pay stubs; instead, I get 1099s from my clients. Is there any way that I can use these to get a car loan?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can get a
car loan
 with only a 1099, but you’ll need to bring additional documentation.
Some documents that the lender may ask a freelancer for include:
  • A profit-loss statement
  • Two to three years of tax returns
  • Bank statements showing cash flow
Here’s what the lender is looking for in prime candidates for a car loan:
  • Steady amount of income
  • Great credit (although
    bad credit
     isn’t impossible)
  • Good debt-to-income ratio
Remember that if you’re approved for the loan, you’ll also need to have
full coverage
 car insurance on the car loan as
required by the lender
.
Best of luck with the loan, and with the new ride!
MORE:
Factors to consider when getting insurance for a new car
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