Your Job Is Your Credit: Credit Cars Gets You Approved

Your Job Is Your Credit: Credit Cars Gets You Approved

April 5, 2024
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What Is 'Your Job Is Your Credit' Car Financing?

‘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:

  • Steady employment, typically for at least one year with the same employer. Self-employment may also qualify.
  • A verifiable source of income sufficient to afford the monthly car payment.
  • A down payment, as much as you can put down.
  • Proof of residence for vehicle registration.

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!

What are the benefits of 'Your Job Is Your Credit' Car Financing?

Financing a car through a ‘Your Job Is Your Credit’ dealership, like Credit Cars, offers several advantages:

  • Establish Credit History: Making consistent, on-time payments helps build your positive credit profile, making it easier to qualify for future loans and credit products.
  • Get the Car You Need: A reliable used car provides vital transportation, offering safety, convenience, and peace of mind.
  • Quick Approval Decision: Lenders can preapprove you based on employment verification rather than waiting on lengthy credit checks, streamlining the dealer experience.

Your Job Is Your Credit Loan Requirements

While requirements may vary by lender, typical eligibility standards include:

  • Employment Length: Employed at your current job for 12-24 months. Self-employment may qualify with 2+ years of steady income.
  • Minimum Income: Monthly income of at $2000, varying by lender.
  • Down Payment: 10-30% of the vehicle purchase price.
  • Income Verification: Recent pay stubs and W-2s for employees; tax returns and bank statements.
  • Residence Verification: Utility bill or lease in your name matching the address on your ID.

How 'Your Job Is Your Credit' Car Financing Works

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.

Ready To Get A Car?

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.

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