Some subprime lenders will allow income from a part-time job to be added to an applicant’s regular income.
Consumers, especially those who are credit-challenged, need to know the difference between gross income and net income. While net income is the amount that appears on your paycheck, it’s the gross income amount, what you are paid before taxes, that subprime lenders want you to enter on the application.
Most subprime lenders will consider income from a part-time job, as long as it meets their minimum requirements. However, borrowers with poor credit should keep in mind that no matter how many part-time jobs they have, the qualifying part-time income must come from just one of those jobs.
When given the chance to finance a new car, we always that suggest credit-challenged buyers pick one that’s affordable. But in the case of these ten vehicles, buyers needn’t sacrifice safety for price.
Vehicle theft is more than an inconvenience – it can cost car owners both time and money especially if the insurance company only covers the vehicle’s replacement cost of a stolen car – not the balance owed on the loan. By following the tips suggested by LoJack, owners can reduce the chances of becoming victims of car theft and really have a Happy Halloween.
Financial literacy begins with understanding personal finance, setting a budget, putting aside savings and knowing your credit scores and the information contained in your credit reports.
Used rental program cars offer a fourth option for credit-challenged buyers. Consumers should know the fair market value, take a test drive, review the vehicle history report as well as have the vehicle they’re buying inspected by an ASE Certified Master Mechanic as well as a frame specialist before signing on the dotted line.