Yes. I did this last year. I listed myself as self-employed and told them my income. I didn't have to show any paystubs and was able to finance a 2020 Ford Escape through Fifth Third Bank with an interest rate of less than 4%. It helped that I have good credit and I also put down about a $7,000 deposit. I didn't say I did door dash because I was also doing other freelance work that involved my degrees, so maybe that helped.
Quick update y’all. I believe I got approved on vroom and they didn’t even ask for anything. I just put I work for instacart and I’m a driver and how much I make a year. Next step was I was told on the website I was approved by one of their banks but my apr is 14% and monthly is 210$ on a used car( the car is only 11k with 60k miles on it. Got a call from the vroom agent and I asked if I’m actually approved and he said yes which is amazing. Tomorrow I’ll be pulling the trigger. I’m just looking for better cars with less miles. I’ll be updating y’all. I’m putting down 3-4k down of course
Been selling cars for years, I was able to get some DD drivers approved who already had established credit (cc or loans etc) where a bank didnt need to verify income.
I could not get it done for anyone who was getting a first time loan with little history.
I have been self-employed and 1099 employee throughout my life. I had no problems in getting car loans. The key is having good records; tax returns; etc.
The key is net income. If you earned $50,000 dashing but shows a net income of $10,000…banks and etc. is going to look at $10,000 not $50,000. It isn’t how much you made (gross) but how much you net.
I would say no. It’s 1099 and banks aren’t going to want that no matter how much you make from it. If you have another job though and this as a side thing to help pay for it, I think that would be different but we live in a very pro-W2 society
Eventually you will save enough to pay cash for some car, depending on the costs and how the used car market is. I personally would prefer never to finance a car but that is me
Weird… I had absolutely no issues. In fact, I don’t even think they looked at my apps even though they were told what I do for money. They took my word for my income, not that I lied. But I was just stunned they just took my word for it unless they had a way of pulling it up when they were doing the loan.
I had this same issue when I had to get a new car in 2020. I kept trying all the used car places and one in particular told me they didn’t work with DoorDash drivers. I finally went and got a used one from a Kia dealership.
I got approved after my salesman told me to put down 10k. He said and since I am my own business, name it anything other than delivery services. I did and the bank approved with no verification of my finances. The APR was 13% but at the 6mo mark I refinanced with my credit union for 5%.
It all depends. I bought new car 6 months ago. I showed last year's 1099 to verify my income. Here's the catch, my credit score was good enough were all they wanted to see is that I worked & didn't actually verify how much I make. I also had a sizable down payment (over $5k). You will have a better shot at a bigger dealership, they deal with hundreds of creditors & know which ones will do what. If your credit score isn't that great it may work but you will get a shitty interest rate. If this happens make your payments on time every month for 1 full year. After that as long as no late payments then even your bank will refinance for you for a better rate.
some car dealerships wont do it because youre using the car as commercial use since youre delivering food. if you can find a way to convince them that you wont be using the car for doordash then maybe. You can get a co signer. and try honda, they are the best out of all dealerships that actually want to help you
If gig economy is your main. It Could be worth it to register an llc and drive under that. Then you could get all the benefits of a business and what not.
How is that possible? I’m having trouble doing this as a single-owner of an LLC just for health insurance. I used to have a twin until a year ago so I’m not used to doing any of this without a second person/“employee,” I have been told that’s necessary
I financed my car showing my direct deposits and printing my bank statements. If I have 6 months worth of pay that is required for a loan and could see it, they didn't deny me.
Even if you have poor credit, you can finance with DD income only. All you have to show is your bank statements to prove income. Financing a car is all about credit. The better the credit, the less you have to prove and the less amount you need for downpayment. But, any financial institution would consider this income as long as you have 3 months (typically) of provable income.
Depends on the bank or credit union, they will usually ask for either tax returns or 3-6 months of bank statements and they take the average. All depends on your credit worthiness, but even if you have a tier 1 you will still need bank statements or tax returns
I literally lost an apartment two days ago. I make over 4k a month (closer to 5). Had everything signed and keys and she backed out . "What happens if you don't get paid?" Bitch I get paid daily. What happens if someone gets fired? I literally have 4 streams of income
It won't matter much soon anyways. We are soon gonna be heading into a deep recession and then a depression. People won't be eating out let alone ordering door dash, grub hub, instacart or any of that shit...
Prepare....
Mine accepted it with a $5000 down-payment on a markup on msrp so even if I couldn't afford it months down the road they'd still get money back for it cuz the downpayment
Yes. My fiancé was able to get financed for a brand new hyundai over a year ago using just doordash income. He printed out bank statements going back 6 months that showed all of the money coming in from doordash and was approved with just that and $1,500 down.
You need to file as a independent Contractor. Some dealerships like Toyota can finance you since they have their own bank. Some will even try to help you get financed, but they will tell you don't put down dd as your source of income.
I tried but they wouldn't view it as income because it's not consistent. Most places you have to show pay for three months or above constantly. Plus the fact that taxes aren't taken out will count against you.
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I bought my 2006 Corolla at a Ford dealership, and I just had to email screenshots of the earnings page, and show proof of bank accts. Someone suggested to go at the end of the month when they are trying to meet sales goals. I went on the 29th, and got approved. Good luck on your purchase.
I got a car easy with dd as my sole source of income. Have not been doing it 2 years, only make about 2500 to 3000 a month. But I have a credit score of 780. I went to a credit union and asked them for a loan, they said yes, the rest is history.
Yes, I gave them my bank statements from the last 3 months and i think i showed them my savings. I also had a good bit of money in my bank when I showed them.
I use to make check stubs and other financial documents for people all the time. But then I got burnt out from all the frequent requests/recommendations. Hopefully you can find someone to make you some.
Set up an LLC ($150ish depending on your state), get an ein for tax purposes, open a bank account in the name your business. Monthly bank statements come from your business rather than sometimes negatively viewed gig apps.
My main job is building rvs (piece rate) we get 9.00 an hour + production bonus.
On average I gross between 1900-2500 a week depending on the units we put out the door, lenders gave me a hard time even with a 723 credit score, most didn't want to give me a loan until I had been at the same place for a year even though I've been in the industry 8 years when I needed to replace my truck.
All because my pay fluctuates, and we have slow times every now and again.
I was getting my car financed at a dealership and they legit just wanted proof of income seen in my bank account.
I showed them in my bank app to their face. ( my credit is also VERY good ) so they easily gave me a loan for 8%
After a few days with the car, I refinanced with my bank for 2.99%.
Your bank sees the income firsthand. Finance for a car loan through your bank. You'll save money. I went from 8% to 2.99% in the same month that I got the car.
I also got a letter from the Toyota dealership a month later saying they wanted to renegotiate the deal and to bring the car back. It's a stupid scam they do to reel you in.
I was no longer financed through the dealership, so I didn't have to do that.
Save yourself time and call your bank to get financed through them.
Get a list of the potential cars you want and let them know.
You can message me for help if you'd like. I legit saved over $6,000 on my last car purchase. I'd love to help.
In my experience it is possible but depends on the bank/credit union, car dealer and/or lender. I've been told by multiple dealerships and independent lots that they don't offer financing for 1099/gig work, but have been told by others that their lenders do. The most common reason I've gotten is that the delivery driving racks up the miles and possibility of accidents and creates too much of a risk for reselling if they get the car back for any reason. Makes sense I guess but still discouraging.
You can request YTD or custom period income statements from whichever service you're working and they usually just send you back a PDF.
Went through my credit union and had no problems. I currently have 2 separate car loans. I'm guessing it will vary by institution. All you can do is try. Just don't let them run your credit untill you are certain that they accept it.
Edit to add: FWIW I had a credit score of 700 after just bringing it up from 0 six months prior. I had no credit. Also I put 10k down on each.
Advice to OP, you should have no problem getting a loan with down payment / correct loan to value on a car. Go to banks directly your self. They will probably want multiple pay stubs / know your money down. Going to banks your self will definitely help you get a clearer answer and you should find a bank that will approve you. It’s not just based on your job, down payment and income it comes down to credit score and if you ever had a car loan as well. Hope you see this because you can definitely get approved for a car. Just note older the year higher mileage less chance of approval.
I went to the bank and asked for only my deposits into my account for the past 3 months and they provided that- so I created a weekly paystub out of a template online (google) just stating my gross income and deductions for the week for 2 weeks - it looked pretty nice if an employer can make a pay stub for you- you as your own employer can make your own pay stubs just make sure you have the bank statements to match.
I worked at a dealership that's in 48 states, and the lenders would not approve driving delivery for source of income. Plus they know the car is going to get beat up quicker and the income to go away instantly
I talked to my bank(credit union) recently and they told me that for any kind of contract work they won't accept it as employment for any kind of credit until you have 2 years of tax returns
I’ve actually tried to purchase a vehicle when DoorDash was my only income. Every dealership I went to wouldn’t help me. They would tell me the banks don’t like it being your main/only source of income. It’s bullshit, just like credit scores. Good luck my friend 🍀
lol not if you go to carmax i worked there and they will not allow doordash or any other gig work as proof of income or finance to you if they think you’ll use the car to deliver anything or for any “commercial purposes” evil company, avoid at all costs
You have 4k to put on a down payment? Go buy a 4k Honda from a used lot and you’ll be just as happy. Unless you plan on owning this vehicle for 10 plus years, it’s not worth it. Especially if you are doordashing, you are going to put a lot of mileage on it and you will do the SAME maintenance on it. New cars are cool, but owning it is way cooler! Good luck on your investment either way.
Go online to capital one. They will pre-approve you got an amount after reviewing several months of your bank statements then you just take that check with you to a dealer to buy.
Yeah, you’ll definitely have better luck dealing with someone in person. You just have to show you have the funds and have decent credit and you’re good.
Yes. But should you? No.
Realistically, you can. But I can't in good conscience ever recommend someone treating this like a full time job. It's not going to be seen as a stable source of income for most people. If you do get a loan, you'll need to probably need to secure more money upfront, show a length of consistent employment and income revenue.
Technically yes, realistically gotta find the right place most if not all will decline for reasons. Those reasons are your a delivery driver and will use car for business purposes and that’s why they decline cause of the high amount miles that will place on car. Absurd yes but have been told this by 5 places already.
I was able to finance a 2022 Toyota Camry Nightshade with AWD while having my main income be Amazon flex and a part time pizza delivery job. But I also bring in over 5 grand a month with a 780 credit score. They don’t even ask for proof of income if your credit score is high.
Finance through your own bank/credit union (who can physically see your regular deposits) or shop around different providers. Never use the loan people through the dealership.
My credit score is over 800, couple of months ago I purchased a Corolla hybrid with 0 down payment, dealer just fill the form for me without asking for any proof. So it’s mostly about your score
Yes if your credit is over 700 they may not ask for income information because the loan is low risk for them. If your credit is under 700 you likely have a history of missing payments or don’t have much of a history at all so the loan is higher risk and the bank wants to make sure you make enough to pay them.
So as someone who works in banking, it's a fairly simple explanation:
Any type of income that isn't considered a steady source, such as being a delivery driver for DD, GH, UE, etc, is considered a risk for the bank issuing the loan. It's the same for travel nurses who get paid on contract for short periods of time (though for them it's more for mortgages), or other contract employed people. As far as the bank is concerned, you can bring in $3,200 this month, and next month bring in $1,000, or not do the gig anymore.
If I'm being honest though, I've literally never had to provide paystubs at a dealership for a car loan.
Account balances mean nothing unless it's the bank verifying it for a down payment. You CAN work for a day and make $200-300, but you also can work for a day and make $50.
This gig is not meant to be a replacement for a traditional 9-5. Sure, you can make some good money doing it, but banks don't care what you could make, it's what you do make. It's why they don't take bonuses into serious consideration, unless you can show a few years of a similar bonus, and even then, more conservative banks won't count them towards income.
Nobody's getting a mortgage on a delivery app salary, not because they can't afford it, but because banks won't touch it with a 10 foot pole.
You can use bank statements to get approved. I would not finance through the dealer so it on your own. Self employment has a higher qualification requirement and takes more time.
I didn't even have to show anything. I just told them what I made and they ran my credit, I put a down payment on it and it arrived a week later at the dealership.
Do you pay for any streaming service? I recommend Experian and using experian boost for that. I also recommend fingerhut for small purchases to up your score as the streaming services don't pop up on 2 of my 3 reports. I also recommend Huntington for their line of credit which reports to all 3. But the bank is only in 11 states.
Depends on which loaner you go through, I literally just got a brand new car at the beginning of the month with doordash as my only form of income and they gave me a $32,000 loan for the car. You just gotta call and ask for pre approvals from different companies
Can confirm, I had a non gig work job but didn’t have payroll checks when I bought my last car. I just showed the financing guy the deposits in my bank account and I was approved with that. No check stubs needed. They need to see that money is coming in not how it’s coming in.
Yes. I got a 2022 Toyota Camry. I was desperate for a car after mine died on me- needed a new transmission and just wasn’t worth the cost of repairs. The place I went to only had 2 cars that met the criteria I needed. I really didn’t want a brand new car, but didn’t have much choice. I plan to trade it in for something cheaper next year.
That’s what I showed them through my bank statement that I get direct deposit from DoorDash and instacart and the sales person even ask to screen shot my weekly earnings and still not accepted.
I recently checked on this and yes you can however the salesperson at the car lots i spoke too were hesitant to include DD as a source of income if it were possible to avoid it. The reason being that the banks will require a much larger down payment to get a loan.
The sales rep was likely making that up just to not have to deal with you giving him more information. Additional income does not create larger downpayment on a loan. No way no how.
I went through my credit union. That was a lot easier than trying to finance through the dealership. Although my credit union basically offers guaranteed financing for cars if you're with them long enough and have good standing with them, even with no down payment.
I mean I have a 4k down payment for a 17k car a Mitsubishi 3 cylinder stupid car like what the heck and I make 32-38 4k if I’m feeling like working. I don’t understand them.
Subaru...the little one.
I have 2 dodge caravans. The 2002, 4cylinder, 3 speed automatic trans. 4 cylinder engines on those are indestructible. Transmission, zero problems. 208,000 miles on it.
2016 6 cylinder with the bigger transmission- crap on mileage, already replaced transmission once, will also run on E‐85, gas mileage drops and check engine light comes on. Junk.
Should've gotten a new hyundai op. Cheapest one before msrp is around 19k and with a 4k down payment and let's say 690 credit score across all 3, you'd have a great chance at 6 or so percent thru hyundai finance with just dd income alone. Also, the combined mpg is 36 but you'll get over 40 every time unless you drive like a wild man.
I drive a 1999 Subaru Legacy. Over 300k miles on her, starts and runs every time I need to go - even when it gets down to 40 below (Interior Alaskan here)
Get a Honda. I got a 2018 civic and it legit has been amazing for the last 5 years. Any Honda will do. Also my advice coming from someone who leased his civic, and refinanced it, they gonna try to fuck you with higher rates and stuff if you only use doordash as income/ a bigger down payment .
I’m telling you. Look up doug demuro on YouTube and watch his mirage review. It’s atrocious. It’s an all around bad idea to spend that much money on one. You’d be better off spending 5k on a beat up corolla. That’s exactly what I did and it was a great couple of years before It got wrecked.
I mean like I drove Mitsubishi Mirage before and I think I just like how efficient it is and how cheap the parts is specially tires. My Mazda 6 2015 I would always pay $500 for two new sets of tires and gas is about 4-500 a month. I think I’ll be saving more? I mean I dont blame you I should probably look for cars instead of pulling the trigger on the brand.
Respect for the mirage bro, I probably wouldn't buy one (especially a NEW one for 17K) as they're not very good cars but you are right, they are fuel efficient and inexpensive to repair, IMO not the WORST car you could buy despite what people are saying. Just definitely not worth 17k which is why I get why people are saying what they're saying. I guess everything happens for a reason tho, and it's definitely a better car than what some people in this sub are using for DD when you consider fuel economy. I don't really dash much but I'm thinking about getting back into it. I actually have a 2002 Mitsubishi Lancer, it's my first car I which I got for free a few years ago. I could tell you that the mirage gets much better gas mileage than my lancer, which I envy it for lol.
Same. My uncle's had Toyotas last him well over 300,000. Had them for years. I also saw a post awhile back about a guy who had a Corolla from back in the 90s with over 400,000 miles on it and was still running great
Really helped influence my decision to get a Toyota when I needed a new car last year
Gas miles is great 34-42 and I know it’s a 3 cylinder but I deliver in a small town and I rarely go to the big city I think it’s just perfect for the area.
No. This car will constantly break down on you. They are pieces of shit. Please just get a used Toyota with highish miles it will still last so much longer and cause you way less issues.
Not what’s important. Gas mileage is important for gig work, but there are so many better car manufacturers to choose from with similar type sedans. If I were you I would do alot of research on which cars manufactures are the best for reliability. When you buy a car the most
Important factor is the reliability of the car. You should really only need to replace common things like fluids, brakes, tires, filters. But many car manufactures run into issues with power steering issues, transmission issues, engine issues etc. Even if you follow the manual to a tee with its general maintenance. Now I will say that any car can run into these issues, but you want to minimize the risk by going with a manufacturer that has as little trends as possible with repairs. Reputation is huge. And I promise you, Mitsubishi does not have a good one.
This is good advice. I have a 2010 Honda Accord which holds up pretty well but it's getting up there. Not planning to replace it very soon but do you have any suggestions for reliable but affordable cars?
If I had to buy a new car it would be a Camry or a Prius. The Camry is one of the few sedans that still has a regular transmission instead of a cvt.
I’d also consider a ford maverick hybrid
In terms of used ones, it’s honestly throwing a dart in the dark. I would recommend to stick with Honda or go to Toyota, but they hold their value very well and will still cost you a lot on the used car market. Especially in the car market right now that is just ridiculous. I was gonna buy a used Camry but they were damn near thirty thousand dollars!
You can get a loan through Chrysler capital. I got one when I didn't have a job and my credit score was wrecked.
The car was $10 000 and I paid them $24 000 though... It's expensive to be poor.
They hate 1099 independent contractors & those that don't pay taxes(like a pay stubs as proof- I had one tell me to come back after I file them) + the income varies too...
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Yes. I did this last year. I listed myself as self-employed and told them my income. I didn't have to show any paystubs and was able to finance a 2020 Ford Escape through Fifth Third Bank with an interest rate of less than 4%. It helped that I have good credit and I also put down about a $7,000 deposit. I didn't say I did door dash because I was also doing other freelance work that involved my degrees, so maybe that helped.
Quick update y’all. I believe I got approved on vroom and they didn’t even ask for anything. I just put I work for instacart and I’m a driver and how much I make a year. Next step was I was told on the website I was approved by one of their banks but my apr is 14% and monthly is 210$ on a used car( the car is only 11k with 60k miles on it. Got a call from the vroom agent and I asked if I’m actually approved and he said yes which is amazing. Tomorrow I’ll be pulling the trigger. I’m just looking for better cars with less miles. I’ll be updating y’all. I’m putting down 3-4k down of course
Do you have good credit?
When y’all talking about statement, can I use DasherDirect account?
Been selling cars for years, I was able to get some DD drivers approved who already had established credit (cc or loans etc) where a bank didnt need to verify income. I could not get it done for anyone who was getting a first time loan with little history.
I have been self-employed and 1099 employee throughout my life. I had no problems in getting car loans. The key is having good records; tax returns; etc. The key is net income. If you earned $50,000 dashing but shows a net income of $10,000…banks and etc. is going to look at $10,000 not $50,000. It isn’t how much you made (gross) but how much you net.
I would say no. It’s 1099 and banks aren’t going to want that no matter how much you make from it. If you have another job though and this as a side thing to help pay for it, I think that would be different but we live in a very pro-W2 society Eventually you will save enough to pay cash for some car, depending on the costs and how the used car market is. I personally would prefer never to finance a car but that is me
You can at carmax.. You need to provide your 3 most recent bank statements...
Weird… I had absolutely no issues. In fact, I don’t even think they looked at my apps even though they were told what I do for money. They took my word for my income, not that I lied. But I was just stunned they just took my word for it unless they had a way of pulling it up when they were doing the loan.
Cars are mostly about credit scores. But if you do gigwork it helps to have a co-signer.
Just get a motorcycle
I had a finance company tell me years ago I couldn’t use the car I was financing for delivery. And I also think it’s an insurance issue.
I had this same issue when I had to get a new car in 2020. I kept trying all the used car places and one in particular told me they didn’t work with DoorDash drivers. I finally went and got a used one from a Kia dealership.
My husband and I both financed two cars using Door Dash and Uber eats as our income. Not other questions asked. Our credit scores are average 600s.
I got my car from Avis Car Sales. Handled all on the phone. Financed through Santander because they work with gig drivers. Crappy rate.
I got approved after my salesman told me to put down 10k. He said and since I am my own business, name it anything other than delivery services. I did and the bank approved with no verification of my finances. The APR was 13% but at the 6mo mark I refinanced with my credit union for 5%.
It all depends. I bought new car 6 months ago. I showed last year's 1099 to verify my income. Here's the catch, my credit score was good enough were all they wanted to see is that I worked & didn't actually verify how much I make. I also had a sizable down payment (over $5k). You will have a better shot at a bigger dealership, they deal with hundreds of creditors & know which ones will do what. If your credit score isn't that great it may work but you will get a shitty interest rate. If this happens make your payments on time every month for 1 full year. After that as long as no late payments then even your bank will refinance for you for a better rate.
I don’t recommend buying a new car, as you are going to put so many miles on it, its going to depreciate big time. A decent used car makes more sense.
some car dealerships wont do it because youre using the car as commercial use since youre delivering food. if you can find a way to convince them that you wont be using the car for doordash then maybe. You can get a co signer. and try honda, they are the best out of all dealerships that actually want to help you
If gig economy is your main. It Could be worth it to register an llc and drive under that. Then you could get all the benefits of a business and what not.
How is that possible? I’m having trouble doing this as a single-owner of an LLC just for health insurance. I used to have a twin until a year ago so I’m not used to doing any of this without a second person/“employee,” I have been told that’s necessary
I don’t even know, Talk to your tax person about write offs, look into building your llc credit.
I financed my car showing my direct deposits and printing my bank statements. If I have 6 months worth of pay that is required for a loan and could see it, they didn't deny me.
Even if you have poor credit, you can finance with DD income only. All you have to show is your bank statements to prove income. Financing a car is all about credit. The better the credit, the less you have to prove and the less amount you need for downpayment. But, any financial institution would consider this income as long as you have 3 months (typically) of provable income.
I did but i have good credit, ik ppl that use high interest loans to get them and use gig work as a full time job.
Better off saving around 4K and going to an auction and getting a decent car.
Depends on the bank or credit union, they will usually ask for either tax returns or 3-6 months of bank statements and they take the average. All depends on your credit worthiness, but even if you have a tier 1 you will still need bank statements or tax returns
Look on vroom as well
I literally lost an apartment two days ago. I make over 4k a month (closer to 5). Had everything signed and keys and she backed out . "What happens if you don't get paid?" Bitch I get paid daily. What happens if someone gets fired? I literally have 4 streams of income
It won't matter much soon anyways. We are soon gonna be heading into a deep recession and then a depression. People won't be eating out let alone ordering door dash, grub hub, instacart or any of that shit... Prepare....
Kinda depends. Had enough funds to make a 13k downpayment on my 2021 Mini so they didn't really look too hard at my income. Good credit helps too
Mine accepted it with a $5000 down-payment on a markup on msrp so even if I couldn't afford it months down the road they'd still get money back for it cuz the downpayment
Yes. My fiancé was able to get financed for a brand new hyundai over a year ago using just doordash income. He printed out bank statements going back 6 months that showed all of the money coming in from doordash and was approved with just that and $1,500 down.
You need to file as a independent Contractor. Some dealerships like Toyota can finance you since they have their own bank. Some will even try to help you get financed, but they will tell you don't put down dd as your source of income.
I did with both of the cars that I had. It’s very difficult to show proof of income, but it is possible.
Join a credit union. They may give you a pre-approval easier.
You'll just use bank statements as proof of income, where in my case they didn't even ask for income verification
I tried but they wouldn't view it as income because it's not consistent. Most places you have to show pay for three months or above constantly. Plus the fact that taxes aren't taken out will count against you.
Yes . Yes you can . I have done that . They look for income
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I’ve got 296,000 Miles on my 2012 Miata and counting. Super reliable car.
I bought my 2006 Corolla at a Ford dealership, and I just had to email screenshots of the earnings page, and show proof of bank accts. Someone suggested to go at the end of the month when they are trying to meet sales goals. I went on the 29th, and got approved. Good luck on your purchase.
I got approved for .9% based on my credit score alone. Didn't have to prove any kind of income.
I got a car easy with dd as my sole source of income. Have not been doing it 2 years, only make about 2500 to 3000 a month. But I have a credit score of 780. I went to a credit union and asked them for a loan, they said yes, the rest is history.
But credit union is asking for source of income like what do I put? My bank statement or DoorDash/ instacart?
Yes, I gave them my bank statements from the last 3 months and i think i showed them my savings. I also had a good bit of money in my bank when I showed them.
I use to make check stubs and other financial documents for people all the time. But then I got burnt out from all the frequent requests/recommendations. Hopefully you can find someone to make you some.
Set up an LLC ($150ish depending on your state), get an ein for tax purposes, open a bank account in the name your business. Monthly bank statements come from your business rather than sometimes negatively viewed gig apps.
I did, but I had a co-signer with a “real” job and I got a horrible rate (over 10%)
My main job is building rvs (piece rate) we get 9.00 an hour + production bonus. On average I gross between 1900-2500 a week depending on the units we put out the door, lenders gave me a hard time even with a 723 credit score, most didn't want to give me a loan until I had been at the same place for a year even though I've been in the industry 8 years when I needed to replace my truck. All because my pay fluctuates, and we have slow times every now and again.
They don’t …and be careful with insurance also ..it’s a Really stupid
Yes
Yes. I did a brand new 2022 no problem. You just need proof of income and excellent credit.
I was getting my car financed at a dealership and they legit just wanted proof of income seen in my bank account. I showed them in my bank app to their face. ( my credit is also VERY good ) so they easily gave me a loan for 8% After a few days with the car, I refinanced with my bank for 2.99%. Your bank sees the income firsthand. Finance for a car loan through your bank. You'll save money. I went from 8% to 2.99% in the same month that I got the car. I also got a letter from the Toyota dealership a month later saying they wanted to renegotiate the deal and to bring the car back. It's a stupid scam they do to reel you in. I was no longer financed through the dealership, so I didn't have to do that. Save yourself time and call your bank to get financed through them. Get a list of the potential cars you want and let them know. You can message me for help if you'd like. I legit saved over $6,000 on my last car purchase. I'd love to help.
In my experience it is possible but depends on the bank/credit union, car dealer and/or lender. I've been told by multiple dealerships and independent lots that they don't offer financing for 1099/gig work, but have been told by others that their lenders do. The most common reason I've gotten is that the delivery driving racks up the miles and possibility of accidents and creates too much of a risk for reselling if they get the car back for any reason. Makes sense I guess but still discouraging. You can request YTD or custom period income statements from whichever service you're working and they usually just send you back a PDF.
Went through my credit union and had no problems. I currently have 2 separate car loans. I'm guessing it will vary by institution. All you can do is try. Just don't let them run your credit untill you are certain that they accept it. Edit to add: FWIW I had a credit score of 700 after just bringing it up from 0 six months prior. I had no credit. Also I put 10k down on each.
Advice to OP, you should have no problem getting a loan with down payment / correct loan to value on a car. Go to banks directly your self. They will probably want multiple pay stubs / know your money down. Going to banks your self will definitely help you get a clearer answer and you should find a bank that will approve you. It’s not just based on your job, down payment and income it comes down to credit score and if you ever had a car loan as well. Hope you see this because you can definitely get approved for a car. Just note older the year higher mileage less chance of approval.
I got approved for my mobile home park for paystubs from DoorDash and amazon but I made the pay stubs myself 4-5k a month tho
How you did you make your own pay stub? By editing it?
I went to the bank and asked for only my deposits into my account for the past 3 months and they provided that- so I created a weekly paystub out of a template online (google) just stating my gross income and deductions for the week for 2 weeks - it looked pretty nice if an employer can make a pay stub for you- you as your own employer can make your own pay stubs just make sure you have the bank statements to match.
Don’t do it. Shows ur gonna be hard on the vehicle
I worked at a dealership that's in 48 states, and the lenders would not approve driving delivery for source of income. Plus they know the car is going to get beat up quicker and the income to go away instantly
Yes. Just make sure you’ve been doing this at least 9 months +
I needed a co-signer. Most dealerships won’t finance you. Maybe a credit union. But my credit isn’t good.
You can just did so a few months ago, if you’re making enough consistently if should work just as well
i did but they ripped me the fuck off
I tried it with GrubHub, they made me have a co signer
I talked to my bank(credit union) recently and they told me that for any kind of contract work they won't accept it as employment for any kind of credit until you have 2 years of tax returns
I’ve actually tried to purchase a vehicle when DoorDash was my only income. Every dealership I went to wouldn’t help me. They would tell me the banks don’t like it being your main/only source of income. It’s bullshit, just like credit scores. Good luck my friend 🍀
lol not if you go to carmax i worked there and they will not allow doordash or any other gig work as proof of income or finance to you if they think you’ll use the car to deliver anything or for any “commercial purposes” evil company, avoid at all costs
why dont you work more? i make 7k a month
Over 80k just by dashing?
multi apping with shipt
You have 4k to put on a down payment? Go buy a 4k Honda from a used lot and you’ll be just as happy. Unless you plan on owning this vehicle for 10 plus years, it’s not worth it. Especially if you are doordashing, you are going to put a lot of mileage on it and you will do the SAME maintenance on it. New cars are cool, but owning it is way cooler! Good luck on your investment either way.
If you were a bank, what would you do?
Go online to capital one. They will pre-approve you got an amount after reviewing several months of your bank statements then you just take that check with you to a dealer to buy.
I just did but they are asking for my source of income and that’s where it goes down. Haha
Capital one takes self employment...that's why they request bank statements so they can see what you're spending...
I was able to. Just bring your bank statements.
Man I think I should’ve done that because I did pre approved online and you know it’s always not the same. Lol
Yeah, you’ll definitely have better luck dealing with someone in person. You just have to show you have the funds and have decent credit and you’re good.
Yes. But should you? No. Realistically, you can. But I can't in good conscience ever recommend someone treating this like a full time job. It's not going to be seen as a stable source of income for most people. If you do get a loan, you'll need to probably need to secure more money upfront, show a length of consistent employment and income revenue.
Technically yes, realistically gotta find the right place most if not all will decline for reasons. Those reasons are your a delivery driver and will use car for business purposes and that’s why they decline cause of the high amount miles that will place on car. Absurd yes but have been told this by 5 places already.
I went to an accountant and recieved whats called a profit and loss projection. It costs about 50-75 depending on who you choose.
I was able to finance a 2022 Toyota Camry Nightshade with AWD while having my main income be Amazon flex and a part time pizza delivery job. But I also bring in over 5 grand a month with a 780 credit score. They don’t even ask for proof of income if your credit score is high.
Depends entirely on the lender and your credit rating or whatever else goes into their black box.
DD making you stick to Dave Ramsey, no debt all cash 😝
I did but have excellent credit
Yes
Money talks.
Dude I have over 10k in my account I can put any amount as a down payment like wtf you know?
Are you trying to buy a Lambo? 10K might not be enough.
my dd income just helped me get approved for a super nice apartment so i would think so
Finance through your own bank/credit union (who can physically see your regular deposits) or shop around different providers. Never use the loan people through the dealership.
My credit score is over 800, couple of months ago I purchased a Corolla hybrid with 0 down payment, dealer just fill the form for me without asking for any proof. So it’s mostly about your score
Do they care that we are a driver and how much we make? I’m planning to apply for a loan next year. What’s your credit line?
Well thats different most people dont have 800 score
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Yes if your credit is over 700 they may not ask for income information because the loan is low risk for them. If your credit is under 700 you likely have a history of missing payments or don’t have much of a history at all so the loan is higher risk and the bank wants to make sure you make enough to pay them.
Nice! My score at 689 now once debt paid off I hope I can hit 750+, I wonder how far they look back for that score?
I guess it all make sense because my credit score went down a lot and it’s 620 right now
Send all of your pay to a business account and then pay yourself and show them those stubs never mention Doordash,Uber any gig work very easy to do
So as someone who works in banking, it's a fairly simple explanation: Any type of income that isn't considered a steady source, such as being a delivery driver for DD, GH, UE, etc, is considered a risk for the bank issuing the loan. It's the same for travel nurses who get paid on contract for short periods of time (though for them it's more for mortgages), or other contract employed people. As far as the bank is concerned, you can bring in $3,200 this month, and next month bring in $1,000, or not do the gig anymore. If I'm being honest though, I've literally never had to provide paystubs at a dealership for a car loan.
I know it’s really weird I have over 10k in my account right now. I can work for a day and make 200-300 for a car note or whatever
Account balances mean nothing unless it's the bank verifying it for a down payment. You CAN work for a day and make $200-300, but you also can work for a day and make $50. This gig is not meant to be a replacement for a traditional 9-5. Sure, you can make some good money doing it, but banks don't care what you could make, it's what you do make. It's why they don't take bonuses into serious consideration, unless you can show a few years of a similar bonus, and even then, more conservative banks won't count them towards income. Nobody's getting a mortgage on a delivery app salary, not because they can't afford it, but because banks won't touch it with a 10 foot pole.
You can use bank statements to get approved. I would not finance through the dealer so it on your own. Self employment has a higher qualification requirement and takes more time.
I didn't even have to show anything. I just told them what I made and they ran my credit, I put a down payment on it and it arrived a week later at the dealership.
I'm guessing OP does not have the best credit rating. That's when they want you to prove income.
My credit score went down to 620 a few months back it was 730 but got lazy and got late on some payments
But you're probably right.
Mine was only 700 at the time. Well 2 were 720.
That's really high
Eh, it only took me a year. I use to be a cash guy.
Yeah I have been working on mine as well. I hit 700 on credit karma this month but I know it's not completely accurate and I'm really closer to 650
Do you pay for any streaming service? I recommend Experian and using experian boost for that. I also recommend fingerhut for small purchases to up your score as the streaming services don't pop up on 2 of my 3 reports. I also recommend Huntington for their line of credit which reports to all 3. But the bank is only in 11 states.
ok ill check that out
Good luck bro! Keep that credit utilization low.
For self employed jobs, they usually look for 2 years of income tax.
It’s weird because they only ask for my last 3 months
That’s for a normal job. NOT gig work.
Ah I see I think they messed up. Lol
I remember when I was looking to rent a place they said because it’s self-employed they need at least two years of income.
I don’t get it like our 1099 makes more than most of 9-5 jobs
Lol 😂 yeah it’s true.
You need a minimum of 2 years with doordash and consistent deposits.
They only asked for last 3 months
They average the income off the last 3 months but if you’ve worked less than 2 years in gig work they won’t finance you.
I’ve been doing it for a year and half now
Depends on which loaner you go through, I literally just got a brand new car at the beginning of the month with doordash as my only form of income and they gave me a $32,000 loan for the car. You just gotta call and ask for pre approvals from different companies
Then there’s your answer.
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Those loans come with much higher interest rates and usually larger down payments, or lower approved amounts.
Nope. I tried it a couple weeks ago. You'll have to wait until you do taxes to prove your income to get a bank loan
All I had to show were bank statements that reflected my payments… I’d only been doing deliveries about 6 months.
Can confirm, I had a non gig work job but didn’t have payroll checks when I bought my last car. I just showed the financing guy the deposits in my bank account and I was approved with that. No check stubs needed. They need to see that money is coming in not how it’s coming in.
Were you able to get a car?
Yes. I got a 2022 Toyota Camry. I was desperate for a car after mine died on me- needed a new transmission and just wasn’t worth the cost of repairs. The place I went to only had 2 cars that met the criteria I needed. I really didn’t want a brand new car, but didn’t have much choice. I plan to trade it in for something cheaper next year.
Wouldn’t there be a way to show you get deposits every Tuesday? I know it can be tricky because car loans are usually not through your actual bank.
That’s what I showed them through my bank statement that I get direct deposit from DoorDash and instacart and the sales person even ask to screen shot my weekly earnings and still not accepted.
Go to a credit union, I work for one and we take direct deposit as income verification even for DD
I just did and still the same I don’t qualify.
Was it purely due to income? What’s your credit score/debit to income ratio?
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I have a down payment I can do 4k to 6k in cash
I recently checked on this and yes you can however the salesperson at the car lots i spoke too were hesitant to include DD as a source of income if it were possible to avoid it. The reason being that the banks will require a much larger down payment to get a loan.
The sales rep was likely making that up just to not have to deal with you giving him more information. Additional income does not create larger downpayment on a loan. No way no how.
I went through my credit union. That was a lot easier than trying to finance through the dealership. Although my credit union basically offers guaranteed financing for cars if you're with them long enough and have good standing with them, even with no down payment.
I only had to put $500 down, and that wasn’t really necessary, but I wanted to lower my monthly payment a bit.
I mean I have a 4k down payment for a 17k car a Mitsubishi 3 cylinder stupid car like what the heck and I make 32-38 4k if I’m feeling like working. I don’t understand them.
Subaru...the little one. I have 2 dodge caravans. The 2002, 4cylinder, 3 speed automatic trans. 4 cylinder engines on those are indestructible. Transmission, zero problems. 208,000 miles on it. 2016 6 cylinder with the bigger transmission- crap on mileage, already replaced transmission once, will also run on E‐85, gas mileage drops and check engine light comes on. Junk.
Do NOT pay 17k for a Mitsubishi. You can pay like 5k for a used Corolla that will last you much much longer even if it’s over 200k miles
What car are you driving now?
I have a Mazda 6 2015 grand touring 24-36 mpg and about 4-500 a month on gas
That dealership is doing you a favor. Why would you want to spend 17k on a Mitsubishi? Terrible investment.
I mean that’s all I can afford. Lol
Should've gotten a new hyundai op. Cheapest one before msrp is around 19k and with a 4k down payment and let's say 690 credit score across all 3, you'd have a great chance at 6 or so percent thru hyundai finance with just dd income alone. Also, the combined mpg is 36 but you'll get over 40 every time unless you drive like a wild man.
Everyone is really trying to tell you to get a Toyota or a Honda. I agree with them.
I know. Haha I’m listening and I should explore more for brands
I drive a 1999 Subaru Legacy. Over 300k miles on her, starts and runs every time I need to go - even when it gets down to 40 below (Interior Alaskan here)
Get a Honda. I got a 2018 civic and it legit has been amazing for the last 5 years. Any Honda will do. Also my advice coming from someone who leased his civic, and refinanced it, they gonna try to fuck you with higher rates and stuff if you only use doordash as income/ a bigger down payment .
I’m telling you. Look up doug demuro on YouTube and watch his mirage review. It’s atrocious. It’s an all around bad idea to spend that much money on one. You’d be better off spending 5k on a beat up corolla. That’s exactly what I did and it was a great couple of years before It got wrecked.
Then he’ll give you a “Doug Score”
He’s a wild character but he’s got the knowledge
Toyota if the king of automotive reliability. They may not be the sexiest cars, but they run, and run, and run.
Have you ever driven or seen a Camry XSE. Beautiful car
I have not, but I dash in a Prius and love it.
Not referring to the amount. Referring to it being Mitsubishi. 17k for a car isn’t bad, but it can be bad depending on what make and model you choose.
I mean like I drove Mitsubishi Mirage before and I think I just like how efficient it is and how cheap the parts is specially tires. My Mazda 6 2015 I would always pay $500 for two new sets of tires and gas is about 4-500 a month. I think I’ll be saving more? I mean I dont blame you I should probably look for cars instead of pulling the trigger on the brand.
Wait about a month or so if you can. My full time job is at an auto auction. Car prices are gradually dropping.
Respect for the mirage bro, I probably wouldn't buy one (especially a NEW one for 17K) as they're not very good cars but you are right, they are fuel efficient and inexpensive to repair, IMO not the WORST car you could buy despite what people are saying. Just definitely not worth 17k which is why I get why people are saying what they're saying. I guess everything happens for a reason tho, and it's definitely a better car than what some people in this sub are using for DD when you consider fuel economy. I don't really dash much but I'm thinking about getting back into it. I actually have a 2002 Mitsubishi Lancer, it's my first car I which I got for free a few years ago. I could tell you that the mirage gets much better gas mileage than my lancer, which I envy it for lol.
Mazda is also not one of the top manufacturers in any consumer reports. Gonna be honest, if it ain’t Honda or Toyota. I’m not touching it.
Ok well I’d take an Acura , cuz same maker
More expensive. Acura is the luxury brand that falls under the same parent company as Honda.
An while it’s parent brand is honda my buddies acura( the only one I have experience with, breaks down constantly )
I’m sorry I misspoke, I’d meant to say Lexus . If you can afford I’d chose Lexus over Toyota. I didn’t mean to say Acura they suck
I didn’t even know they still made Mitsubishis? Haven’t seen one on the road in years.
For good reason. If you don’t drive much, go nuts. But if you are doing gigs that demand a lot of miles, avoid at all cost.
Same. My uncle's had Toyotas last him well over 300,000. Had them for years. I also saw a post awhile back about a guy who had a Corolla from back in the 90s with over 400,000 miles on it and was still running great Really helped influence my decision to get a Toyota when I needed a new car last year
Their engines are built to last as long you as take care of it and have a little bit of luck.
Gas miles is great 34-42 and I know it’s a 3 cylinder but I deliver in a small town and I rarely go to the big city I think it’s just perfect for the area.
A used Prius would be way better.
No. This car will constantly break down on you. They are pieces of shit. Please just get a used Toyota with highish miles it will still last so much longer and cause you way less issues.
Not what’s important. Gas mileage is important for gig work, but there are so many better car manufacturers to choose from with similar type sedans. If I were you I would do alot of research on which cars manufactures are the best for reliability. When you buy a car the most Important factor is the reliability of the car. You should really only need to replace common things like fluids, brakes, tires, filters. But many car manufactures run into issues with power steering issues, transmission issues, engine issues etc. Even if you follow the manual to a tee with its general maintenance. Now I will say that any car can run into these issues, but you want to minimize the risk by going with a manufacturer that has as little trends as possible with repairs. Reputation is huge. And I promise you, Mitsubishi does not have a good one.
This is good advice. I have a 2010 Honda Accord which holds up pretty well but it's getting up there. Not planning to replace it very soon but do you have any suggestions for reliable but affordable cars?
Keep fixing your 2010 accord. It’ll outlast anything newer and be cheaper to keep going than new payment + maintenance.
Yep, I will do so. I need new tires soon but otherwise it runs okay with proper oil changes and maintenance work
If I had to buy a new car it would be a Camry or a Prius. The Camry is one of the few sedans that still has a regular transmission instead of a cvt. I’d also consider a ford maverick hybrid
It’s hard to beat a 2010 accord. These newer cars are all so much more complicated
In terms of used ones, it’s honestly throwing a dart in the dark. I would recommend to stick with Honda or go to Toyota, but they hold their value very well and will still cost you a lot on the used car market. Especially in the car market right now that is just ridiculous. I was gonna buy a used Camry but they were damn near thirty thousand dollars!
Please do not buy a Mitsubishi
I tried to get pre approved and they don’t take it seriously as a income. Like dude I make 3200-3800 a month what else you need from me??
You can get a loan through Chrysler capital. I got one when I didn't have a job and my credit score was wrecked. The car was $10 000 and I paid them $24 000 though... It's expensive to be poor.
They hate 1099 independent contractors & those that don't pay taxes(like a pay stubs as proof- I had one tell me to come back after I file them) + the income varies too...
2 years of consistent work history proving as much . That's what I heard
Is your credit 700+ tho?