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.
You need a vehicle to get the kids to and from school, soccer practice and dance recitals. But can you afford an SUV with a challenged financial situation?
Vehicle straw purchases are considered fraudulent and usually occur when a consumer with good credit purchases a new or used car for someone with poor credit who cannot qualify for an auto loan.
If you’re living with the Ghosts of Money Mistakes Past, Auto Credit Express may be able to help you exorcise those demons and move on to a bright financial future.
Although no one can predict what a particular credit-challenged individual’s car loan interest rate will be before their application is reviewed by both a dealership special finance manager and lender, the information from LendingTree can serve as a rough guide as to what they might be able to expect.