Your new job is going to require you to have regular access to reliable transportation, so you have determined that buying a car would be the best option. But because you've just started with your new employer, you're worried that you don’t have the job history required to get auto loan financing.
The good news is that your new job may not be an issue, depending on your particular circumstance.
The Current State of Your Credit
Potential lenders generally start by assessing the condition of your credit.
- Good Credit: If you have good or excellent credit, lenders may not be overly concerned with how long you have been at your current job.
- Bad Credit: Having a lower credit score makes the term of your employment more important, but there are still other factors that will be weighed to determine whether or not you can be approved for an auto loan.
Other Points that Lenders May Consider
Even with bad credit, being new to your job shouldn't necessarily disqualify you from loan consideration. What are the details involved in your employment situation?
- Are you staying in the same line of work? If you have been working in a certain field for a year or more, but have simply changed employers because of a move, a promotion or for another reason, a lender will certainly take this into account when making a decision on your application.
- Is your new income steady and verifiable? If you have been in your position for a couple of months and are able to prove through paycheck stubs that you will be earning a certain amount on a regular basis, some lenders will be willing to look past the newness of the pay source.
- Have you had steady income from another source? Even if you have experienced a period of unemployment, if you have received court ordered payments from an annuity, alimony, child support, etc., this income may be counted as valid in your auto loan request.
Your Alternative Car Buying Source
If you have damaged credit, have been out of work for several months, and have had no other income source besides unemployment, it may seem like buying the vehicle that you now need is an unattainable goal. But you can always go to a Buy Here Pay Here dealership.
- Everyone is approved. As long as you can prove that you now have a dependable income, you can buy a car to get to work in at a BHPH lot.
- It can be a necessary, temporary fix. Even though you may not be able to purchase your ideal car and you probably won't find the payment arrangement (weekly or biweekly payments physically made at the dealership) to be very convenient, you will have the means to get to work on time, every day. Eventually, once you are more established in your job, you can apply for a "regular" auto loan that comes with more agreeable terms.
Consult the Finance Experts for Help
Whatever your situation looks like, Auto Credit Express can find a solution that works for you. Our process is quick and simple, so if you apply today, you could be driving tomorrow.
Just fill out our fast and secure online application to get started immediately.