Question
We've had our "official" home based business for 7 months now (plus my husband and I both have full time jobs). When will we be able to use the income from our home based business to supplement our other income for the purpose of getting a new car loan?
We're a LLC and we filed business taxes (Sched. C) with our personal taxes for 2003.
This vehicle will be used about 60% for business travel.
-Kallie-
Answer
Most banks will want to see 2 years of business history, and at least 1 full year of your P&L statement.
Still, show the income on the application as other income as it will have a little weight if it's a borderline application, income to debt ratio wise, it might make a difference.
I've never had a bank look past my last tax return.. even with my mortgage.
-Jim
Answer
Thanks for the advice. We're still looking. We'll keep ya'll posted :-)
~Kallie~