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Do I even bother right now or wait?


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6 replies to this topic

#1 catnap1972

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Posted 21 October 2017 - 02:41 PM

Going on 19-year old Ford Escort getting to be a hassle so looking for something to replace it.  Wringer is I've self employed (independent contractor) and only been back at this full time for the past 2 1/2 years so right now I only have last year's tax return with a 'decent' income (36K+) on it.  Can't use the 2015 as there's only 11K+ on it, and obviously no 2017 tax form yet that I can use as anything provable (24K+ right now, probably end up around 30K at year end), so aside from bank statements from this year, only have one "good" tax return that's usable for now.  Scores are mid 700s, no baddies, and average age is around 15 years (20+ on Cap1 card)...no installment loans tho, which is one of the typical nags that shows up on the CR's for me.

Do I wait until next year when I have something 'decent' to show someone or will anyone even consider loaning money to me now (looking for 6000-6500, $1xx/48 months, will put $1000 down on whatever I find)?





#2 Kat58

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Posted 21 October 2017 - 05:16 PM

Do I wait until next year when I have something 'decent' to show someone or will anyone even consider loaning money to me now (looking for 6000-6500, $1xx/48 months, will put $1000 down on whatever I find)?

 

Can't answer your question, but I would keep driving the Escort until it completely dies... but that's just me.



#3 MarvBear

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Posted 21 October 2017 - 06:14 PM

Are there any derogs on your credit file(s)?



#4 catnap1972

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Posted 21 October 2017 - 07:34 PM

Are there any derogs on your credit file(s)?

 

Nothing.



#5 MarvBear

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Posted 21 October 2017 - 09:33 PM

Are there any derogs on your credit file(s)?

 
Nothing.
Then why are you concerned about proving your income?

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#6 BRBiz

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Posted 21 October 2017 - 09:33 PM

Depending upon the lender they may not even require POI especially considering your scores are good.

#7 oldblue

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Posted 22 October 2017 - 10:46 AM

Just use the 11k 2015 income no big deal your not asking for a lot of money.  Unless you have other debt bringing down your DTI.  I'm with kat though run that escort out.  I bought a 91 with 186k 6 years ago for $100 threw $50 into it in less than an hour and had a running car for 2 years that I still regret selling for $500.  My buddy and his brother rode that thing in to the ground over 3 years.  I bet it'd still be on the road if I kept it.  That car was a blast I had to gut the interior of everything but the seats because it was so nasty.  The valves would tick so I'd bounce it off the rev limiter and it would quit ticking for a week or two. It was a 5 speed so it was fun to drive. It had no exhaust system what so ever.  I'd sit next to those stupid ricers at traffic lights and rev it.  It made this ring da da ding ding ding sound.  They'd laugh and I'd smoke em every time.






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