
The length of time you've been employed is a factor when it comes to getting approved for an auto loan. Here are the employment requirements to be aware of.
Continue ReadingIncome is a key factor in subprime auto financing. Discover how the car buying process works for different income sources and levels.
The length of time you've been employed is a factor when it comes to getting approved for an auto loan. Here are the employment requirements to be aware of.
Continue ReadingIt seems like everybody has a side hustle these days, or maybe several. Side hustles are a great source of extra income, but if you need a car loan, you need to have a regular full-time job too, otherwise, you may not qualify.
Continue ReadingWhenever you're looking to take on new credit, such as a car loan, your income and work history are likely to come up with the lender you're applying with. In the world of vehicle financing, having enough income to repay the loan is key to qualifying.
Continue ReadingLenders typically have a cap on what your debt to income (DTI) ratio can be. Read on to learn what a typical maximum DTI ratio of auto lenders is, and why it's important.
Continue ReadingThe amount of debt you have can make or break your auto loan chances. Here's how lenders see your other debts and monthly obligations, and some tips on lowering your debt to income ratio.
Continue ReadingProving your income and employment are two of the most parts of qualifying for a car loan. How you prove your income source can depend on what type of income you bring in each month, though.
Continue ReadingIn some cases, an offer letter may be used as proof of employment. However, if your credit score isn't great, then you may need more documents to prove your ability to repay the auto loan.
Continue ReadingYou can't finance a vehicle without some way to repay the loan. This means having the income to make this promise, and having relative certainty that your income is going to last the entire term of your auto loan. However, nothing is certain in life, so subprime lenders also look at the factors surrounding your income to decide whether or not you qualify for a car loan.
Continue ReadingWhen you're financing a vehicle, lenders don't just take your word when it comes to income amount, they need proof – typically in the form of documents used to make various calculations about your auto loan and your ability to repay it.
Continue ReadingEven with a good job and steady stream of income, a bad credit score can still be the thing that hurts your auto loan approval chances. However, there are options for borrowers with credit challenges.
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