Hello!
I am applying for truck financing and the loan guy is asking me for my tax statements for the last 2 years.. do they usually do that??? Seems odd to me...
thanks!!
financing and tax statements?
Discussion in 'Ask An Owner Operator' started by sosa, Jul 8, 2013.
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if you are self employed then yes. they do it to varify income. like you would use you w2 or pay stubs if you were a employee
sosa Thanks this. -
But I am not self employed.. I could easily show them my pay stubs..
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he also want my bank statements for 2 months
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Even though you are a employee right now they are looking for red flags that may show up in the future. Buying a truck and becoming self employed means you should get use to showing tax returns, net worth statements, profit/loss statements, and business plans for any financing deals. As for the bank statements...personal banking is off limits in my book. If they want to see my business accounts for a business loan then maybe...but I do all my banking/financing through the same bank, so they can see it no matter what.
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When ever you give personal Documents to some one. Make sure you are dealing with ethical companies.your tax info is not something you allow a sales person to have because their objective is to sell sell sell that means when they tell you they need XYZ documents The Customer is left thinking that he/she is going to deal with "a Finance Company" But the sales department will end up submitting your documents to every possible Finance company they Can SO your are now Left with the risk of Identity Theft ( the more people that have a copy of your credentials the riskier it gets ) But Yes Every finance Company is going to Ask for.
If you are self Employed W-9 And income tax schedule c.
If you are Employed By a Company W-2 only
It is All up to you and how much you trust the party you are dealing with and how Bad do you want to be approved.I just saw something on line that surprised the Heck out of me. I didn't know that people like that existed in this country anymore Have a look at this Real American
[video=youtube_share;B2X7TIl5_7g]http://youtu.be/B2X7TIl5_7g[/video]Last edited: Jul 8, 2013
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Things must've changed since I bought my first truck bc I've never shown anything ,just signed the note. However this truck I just bought they did ask how long I'd been an O/O which I had never been asked that before. I think everything is changing,next they'll wanna know your political position!!!
sosa Thanks this. -
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Yeah!! I asked the financing guy about it and said they need to see if I pay my taxes, there's no tax lien, also that I have no bounced checks or overdrafts.. among other things I'm sure..
To the other comment.. yes I am dealing with the guy from the financial company not the salesman.
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