So I'm Not Able to buy a BRZ... - Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community

NemesisPrime909 · 08-10-2013, 08:24 PM

it seems no matter how much you earn, or how consistent you are in your earnings, no bank, credit union or any other lending party will give you a loan if you are self employed.

so I'll be looking in the used market. while I wish it had more space I think I would like to get a gen 1 Miata.

Is there anyone out there who's had experiences with them? what are common issues if there are any.

any info will be greatly appreciated.

Miniata · 08-10-2013, 08:37 PM

I've owned my '90 Miata for a little over seven years. Most of the known issues will be taken care of by now. The 1990 and early '91 cars had a potential issue with the crank/pulley, but mine has been fine at 143k miles now. Mine has been extremely reliable, it has needed very little work, and what it did need, I fixed myself easily and cheaply. A first gen Miata is a great choice IMHO, I don't intend to ever sell mine, and may pick another one up in the not to distant future. $3-4k usually buys you a decent one.

shiumai · 08-10-2013, 08:47 PM

Quote:

Originally Posted by NemesisPrime909

it seems no matter how much you earn, or how consistent you are in your earnings, no bank, credit union or any other lending party will give you a loan if you are self employed.

that's not necessarily true - there's definitely a point where you make enough to make them feel comfortable giving you a loan. do you have enough in the bank to pay cash for the car?

B L U E S L A T E · 08-10-2013, 10:01 PM

If you put down enough cash as downpay, most banks will consider your loan apps and likely approve it.

wparsons · 08-10-2013, 10:18 PM

I know quite a few people that are self employed that are able to get car loans, mortgages, etc easily. How long have you been self employed? Usually you need at least 6-12 months of proven steady income though.

NamSin · 08-10-2013, 10:41 PM

Quote:

Originally Posted by wparsons

I know quite a few people that are self employed that are able to get car loans, mortgages, etc easily. How long have you been self employed? Usually you need at least 6-12 months of proven steady income though.

Your accountant should be able to structure / prove your income to qualify for a loan - You DO have an accountant right?

jbravo373 · 08-10-2013, 10:43 PM

I'm only 19 and self employed for about 2 years. I bought my frs with 1k down and 3% interest. I was surprised when I got the offer.

NemesisPrime909 · 08-10-2013, 11:49 PM

Quote:

Originally Posted by wparsons

I know quite a few people that are self employed that are able to get car loans, mortgages, etc easily. How long have you been self employed? Usually you need at least 6-12 months of proven steady income though.

been self-employed since september 2011. I'm coming up to 2 years, I suppose I'll try again once I get my 2013 taxes taken care of just for the sake of consistency.

horrorbiz · 08-11-2013, 01:38 AM

I'm self-employed and I bought a 2011 WRX and a 2013 BRZ... No issues whatsoever.

horrorbiz · 08-11-2013, 01:39 AM

Also just bought a house! When I got the house I just had to show 2 yrs of tax records.

carbonBLUE · 08-12-2013, 02:04 PM

Quote:

Originally Posted by shiumai

that's not necessarily true - there's definitely a point where you make enough to make them feel comfortable giving you a loan. do you have enough in the bank to pay cash for the car?

This^^ i have no credit and put enough down to get a 1.98% for 6 years... money talks bro...

mav1178 · 08-12-2013, 02:52 PM

Quote:

Originally Posted by NemesisPrime909

been self-employed since september 2011. I'm coming up to 2 years, I suppose I'll try again once I get my 2013 taxes taken care of just for the sake of consistency.

2 years... but what is your credit score?

Frankly 2 years of tax returns for 1099 doesn't do much for you, considering credit history is usually 7 years out.

-alex

Leonardo · 08-12-2013, 04:06 PM

I don't know what you want to spend, but a used S2000 is like half the price of a FR-S, and twice as powerful as a miata.

The ap1 s2000 is the most "PURE" car I have ever owned. just my $0.02

I wish you the best of look looking for a loan. Building credit can be tricky.

NemesisPrime909 · 08-13-2013, 01:06 PM

Quote:

Originally Posted by mav1178

2 years... but what is your credit score?

Frankly 2 years of tax returns for 1099 doesn't do much for you, considering credit history is usually 7 years out.

-alex

My credit score is in the 620's not super good but not super bad either.

08-10-2013, 08:24 PM	#1
NemesisPrime909 Senior Member Join Date: Jun 2011 Drives: 91 Toyota Supra 16 Nissan Versa Location: Tulsa, Oklahoma Posts: 955 Thanks: 365 Thanked 444 Times in 246 Posts Mentioned: 1 Post(s) Tagged: 0 Thread(s)	So I'm Not Able to buy a BRZ... it seems no matter how much you earn, or how consistent you are in your earnings, no bank, credit union or any other lending party will give you a loan if you are self employed. so I'll be looking in the used market. while I wish it had more space I think I would like to get a gen 1 Miata. Is there anyone out there who's had experiences with them? what are common issues if there are any. any info will be greatly appreciated. __________________ The FRS/BRZ was not meant to be a world beating car, it was not meant to be an extremely fast car, nor a powerful car, but a well balanced fun car.

08-10-2013, 08:37 PM	#2
Miniata Senior Member Join Date: Mar 2012 Drives: 13 BRZ - 90 Miata - 07 FXT -05 Mini Location: Ohio Posts: 546 Thanks: 6 Thanked 142 Times in 105 Posts Mentioned: 2 Post(s) Tagged: 0 Thread(s)	I've owned my '90 Miata for a little over seven years. Most of the known issues will be taken care of by now. The 1990 and early '91 cars had a potential issue with the crank/pulley, but mine has been fine at 143k miles now. Mine has been extremely reliable, it has needed very little work, and what it did need, I fixed myself easily and cheaply. A first gen Miata is a great choice IMHO, I don't intend to ever sell mine, and may pick another one up in the not to distant future. $3-4k usually buys you a decent one. __________________ 17x7 Kosei K1-TS w/ 215/45-17 Dunlop Star Specs Nameless Track Pipe - Strano front sway bar

08-10-2013, 10:01 PM	#4
B L U E S L A T E Senior Member Join Date: Dec 2012 Drives: BMW E84 Location: SoCal Posts: 706 Thanks: 635 Thanked 388 Times in 219 Posts Mentioned: 9 Post(s) Tagged: 0 Thread(s)	If you put down enough cash as downpay, most banks will consider your loan apps and likely approve it.

08-10-2013, 10:43 PM	#7
jbravo373 Senior Member Join Date: Jun 2013 Drives: 2013 WHITEOUT FR-S Location: United States Posts: 167 Thanks: 164 Thanked 19 Times in 17 Posts Mentioned: 10 Post(s) Tagged: 0 Thread(s)	I'm only 19 and self employed for about 2 years. I bought my frs with 1k down and 3% interest. I was surprised when I got the offer.

08-11-2013, 01:38 AM	#9
horrorbiz Senior Member Join Date: May 2013 Drives: ‘22 BRZ Limited Location: CT, USA Posts: 174 Thanks: 109 Thanked 66 Times in 42 Posts Mentioned: 2 Post(s) Tagged: 0 Thread(s)	I'm self-employed and I bought a 2011 WRX and a 2013 BRZ... No issues whatsoever.

08-11-2013, 01:39 AM	#10
horrorbiz Senior Member Join Date: May 2013 Drives: ‘22 BRZ Limited Location: CT, USA Posts: 174 Thanks: 109 Thanked 66 Times in 42 Posts Mentioned: 2 Post(s) Tagged: 0 Thread(s)	Also just bought a house! When I got the house I just had to show 2 yrs of tax records.

08-12-2013, 04:06 PM	#13
Leonardo Country Boy 4 Life Join Date: Jul 2012 Drives: 19' & 06' Ridgelines, 13' FR-S Location: EUGENE Posts: 5,228 Thanks: 6,719 Thanked 5,293 Times in 2,720 Posts Mentioned: 47 Post(s) Tagged: 1 Thread(s)	I don't know what you want to spend, but a used S2000 is like half the price of a FR-S, and twice as powerful as a miata. The ap1 s2000 is the most "PURE" car I have ever owned. just my $0.02 I wish you the best of look looking for a loan. Building credit can be tricky.

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