Buying a car if you are an Independent Contractor

Question

I am looking to buy a car from a dealership. The thing is that I am an Independent contractor where i work. Will i still be able to buy a car?

Answer 1

Being an IC would have nothing to do with your ability to buy a car or getting credit.  Show the bank your tax return or 1099.

Answer 2

YES

Answer 3

If you're asking about your credit, your 1040 tax form from last year will be all you will need.

Answer 4

You will need to show records of earnings over the past several years, IRS returns will help.

Answer 5

Yes

It really depends on your credit rating.

go to a bank first and get pre approved.

look up the rules for business vs personal usage.

If you purchase the car, you can deduct mileage at the current IRS rate or you can take actual expenses, including depreciation.