Servers Take Care

 
When it comes to qualifying for an auto loan it can be tough to prove your income if you are a server in a bar or restaurant. That is because tips are not guaranteed salaries, and let’s face it, most servers only claim about half of their tip income to start with. This puts them in a good position when it comes time to file their taxes, but when it comes to anything else, like qualifying for any sort of loan – not just an auto loan – it can be tough to get that final approval.
 
Now, factor into that bad credit and you are really putting the dealer in a position where to give you an auto loan would be difficult at best. This is not to say that all servers have bad credit, but those that do and depend on tips are going to have a hard time getting an auto loan under the best of circumstances. But not all is lost, you just have to know where to go and what to do about the situation.
 
According to the IRS all tip income is to be reported, even though we all know that they don’t as it cannot be traced. So what do you do? Well, there are companies that will work with you when it comes to the bad credit, and there are those that can work with you for the lower income. The best thing you can do for yourself realistically is to have a good down payment which shows that you are serious about that auto loan and that you are willing to follow through on the payments.

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