Our very own Chief Operating Officer, Jack Lintol, was asked to join Experian on Credit & Finance Talk to discuss how we help car buyers with credit issues get the financing they need to get the vehicle they want.
If you’re looking to acquire financing for your next vehicle, you should know all of the common hidden fees and potential penalties you could face in your auto loan.
Let’s face it: being turned away for a loan is disappointing, especially when you really need it. And if you need a car, chances are it is an urgent situation and probably needs to be taken care of fast.
Subprime lenders will typically allow overtime pay to be added to an applicant’s regular pay if it can be proven that the overtime pay exists and that it is consistent over time.
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.