‘Your Job Is Your Credit,’ also known as employment-based financing, allows you to qualify for a car loan based on your job stability and income rather than your credit score. To be approved, you’ll need:
Your job gives lenders confidence that you’ll be able to make your monthly payments, and your annual income helps determine the amount you can borrow and the size of your down payment. This financing option is increasingly popular among those with limited credit history. According to the Consumer Financial Protection Bureau, 56 million have subprime credit scores below 600. ‘Your Job Is Your Credit’ offers car buying opportunities to millions of good people who may not qualify through traditional lenders.
Industry research indicates that ‘Your Job Is Your Credit’ loans have grown by over 5% annually in recent years. These lenders play a crucial role by approving consumers with past credit challenges based on employment factors.
Approval rates for credit-challenged applicants are, on average, 47% higher when lenders consider alternative employment and income sources rather than relying solely on FICO scores and credit reports. Here at Credit Cars, our approval rates are usually around the 90% mark.
‘Your Job Is Your Credit’ uses your work history, not your past financial mistakes, to offer a second chance at financing a reliable vehicle. With responsible use, this can also help build your credit profile for the future!
Financing a car through a ‘Your Job Is Your Credit’ dealership, like Credit Cars, offers several advantages:
While requirements may vary by lender, typical eligibility standards include:
The process to get approved for ‘Your Job Is Your Credit’ auto financing typically involves finding the right dealer, applying for pre-approval, verifying income and employment, selecting your vehicle, and finalizing the loan approval and purchase paperwork. Making on-time payments is crucial to build your positive credit history.
If you’re eager to get behind the wheel of a reliable used car with ‘Your Job Is Your Credit’ financing, start your application today here at Credit Cars.