In recent years, auto dealers and credit union lenders have faced growing challenges in promoting financial inclusivity and fairness for today's car buyers. The issue stems less from intentional discrimination and more from the tendency of applicants to unintentionally misrepresent their income on loan applications. This is particularly common with income that is difficult to document, such as freelance work or multiple jobs, and is often compounded by the applicant's or lender's lack of understanding in calculating earnings from gig economy jobs.
How pervasive is this situation today? Consider that 37% of respondents in a January 2023 poll of approximately 1,000 workers from the job site Monster reported having more than one full-time job. What's more, freelancers make up 36% of the workforce in the U.S. today – according to Upwork's 2021 Freelance Forward Economist Report, freelancers comprise more than one-third of the U.S. labor market, with 59 million freelancers nationwide.
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