TikTok creator Chevy Dude said certain income types, when combined with poor credit, will cause banks to deny car loans almost every time.
In a video posted earlier this week, Chevy Dude identified contract or 1099 work as a high-risk income type because lenders prefer W-2 pay stubs and two years of tax returns. He said heavy tax write-offs can make reported income look low and that bad credit on top of that typically deters most lenders.
Chevy Dude also highlighted traveling jobs with vehicle allowances, explaining the allowance often fails to cover maintenance and repairs, leaving borrowers without savings or with negative equity. He said those outcomes, together with bad credit, reduce the likelihood of bank approval for a car loan.
Read the full article at motor1.com.
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