Self Emplyed, Will I Have To Prove Income For Car Lease or Loan?

I am looking to lease or get a loan for a car. I am self employed. My credit score is over 700. I am thinking about going with a site like cars direct that does all the work. Anyway, do they check what you write down for income? On paper because I am able to take large deductions for my home office, it doesnt look like I make alot on paper. Between 10-17K. Is there a certain number they would look for? Do they look for the number or just a steady income? I would think it would not be fair to get penalized because the IRS allows me to take deductions of rent, gas, insurance, etc. If I didnt take those deductions I would look much better on paper, but they are legit, so you would have to be stupid not to take them.

I have about 4 credit cards with a total limit of about 20-25K, any only about 3K of debt.

Anyone know exactly what they look for? Is it just a declared income or do they actually check?

Any help would be great, thanks.

Now for the real answer.

Auto finance is what I do for a living and with the scenario you describe you will not have to prove your income.

As far as what they look for auto loans are based on the following factors;

1. LTV (loan to value).
2. Age of vehicle.
3. Miles on vehicle.
4. Term of loan.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.

Since you are leasing you do not have to worry about 1 through 5 as long as you have been on your job and at your residence for 2 years or longer and 20% of whatever you claim for monthly income will cover your monthly lease payment and 10 is below 45% you will be fine.

They'll want tax return typically for the last 3 years.

They understand the tax ramifications of being self employed. All of those deductions will show on the return.

yes you will.

My dad just done this actually. They will only want maybe a 1099 or something for the current year, you dont have to show for the previous years. As long as you make $12,000 you should be okay...