Income and Employment

If you aren’t currently employed, you may be wondering how you can get an auto loan. Financing may be difficult to come by, but don’t give up hope – difficult doesn’t mean impossible.

Terminology varies around the world, even when you're talking about car loans. Take the phrase “low doc” car loan. This isn't something we're accustomed to in the US, but in Australia, it refers to getting a car loan without income documentation. This is something which can be very difficult to do if you have bad credit.

How banks and lenders verify your income is fairly simple, they ask for proof and run your information through an e-verification system. But it’s important you make sure you’re able to qualify before you head to your bank or car dealer.

If you earn cash tips at your job in Myrtle Beach – or anywhere around the country for that matter – and have to finance a car, it may be difficult to get approved for a loan if you have bad credit. But we have some suggestions and used vehicle options that can help.

Many Americans find themselves working multiple jobs. So, it begs the question: can you get a car loan with more than one job?

You can typically expect to need a minimum income of $1,500 to $2,000 a month in order to get approved for a bad credit car loan, but this isn't the only income requirement to be aware of.

Tourist towns make great spots for many workers that make tip incomes. If you make income in tips or get paid in cash, you should know that this can make qualifying for a car loan difficult if you have bad credit.

There is no minimum income required to buy a car if you save up and pay cash. Financing, on the other hand, has many requirements, including income. Your credit plays a large part in what type of loan you qualify for and how much income you’re required to have.

Even the most independent jobs – such as exotic dancers and hairdressers – still require workers to pay taxes on all their income. If they don’t, it could spell trouble when doing things like getting a car loan, especially when there’s bad credit involved.

Bad credit car loans involve different requirements in order to qualify for one. If you only work part time or have multiple part-time jobs, you need to be aware that these factors can affect your chances of getting a loan.