Income and Employment

couple looking at their budget Could Your Job Hurt Your Chances of Buying a Car?

You work hard doing the daily grind five days a week. And if you work a job in the service industry, such as wait staff or bartenders, you know that tips are your bread and butter. As many people who earn tips know, it can be a common practice not to report, or to under-report, your cash earnings. But, your unreported wages could hurt you when you're trying to purchase a car, especially if you have bad credit. Let's look at how unreported tips could affect auto financing.

Continue Reading
Can I Get a Car Loan If I am on Disability? Can I Get a Car Loan If I am on Disability?

When buying a car, lenders want to know that they can rely on you to maintain the monthly payments. That is why if your primary source - or only source - of income is disability, they may have a problem approving you. The problem lies in the income you are receiving. Disability, unemployment, workers compensation and retirement are just some examples of income that cannot be garnished. Lenders need to have the ability to garnish your wages in the event that you stop making your loan payments, and they cannot do this with these types of income. There are a couple ways you can improve your chances of getting approved for a car loan, even if you are receiving disability payments.

Continue Reading

Receive Free Updates

Get the latest credit tips, resources and advice delivered straight to your inbox.

Connect with ACE