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Why Do Car Lenders Care About My Work History?

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Work history is just one of the many things that lenders look at when you apply for an auto loan. If you have bad credit, it’s very likely that a subprime lender is going to ask about your past jobs and how long you’ve been at your current job.

Why Your Work History Matters

Why Do Auto Lenders Care About My Work History?Auto lenders like stability. A stable borrower is one that’s more likely to keep their income and residency, and have a better chance of repaying the loan successfully. Generally speaking, the longer you’ve been at the same job or lived in the same area, the less of a risk you are to a lender, which increases your chances of getting approved for a car loan.

If you were recently hired and your credit is poor, your best bet is probably to give yourself more time on the job. It may not be ideal if you need a vehicle quickly, but simply giving yourself a few more months could be the difference between a denial and an approval for an auto loan.

Work History Requirements of Auto Lenders

While having a steady income can help you get approved for a loan, it may not be enough for a lender, especially if your credit history is a little spotty. With a lower credit score, it wouldn’t be considered rare if your lender asked about your work history, or asked for a month of check stubs.

In a perfect world, a bad credit lender (or subprime lender) wants a borrower to have had the same job forever. Since this is rare, they tend to require at least three years of consistent work history without large gaps between jobs – large gaps usually meaning longer than 30 days.

When it comes to your most recent job, lenders typically require proof that you’ve been at that place of work for at least six months to a year. In some cases, they may make an exception if you recently switched employers or positions, but maintained the same line of work.

However, if you change jobs frequently or tend to move around a lot (unless your job requires this), a subprime lender may not approve you for a car loan.

Other Requirements and Your Income

When it comes to income requirements for a subprime auto loan, on top of meeting lender-required minimum time on the job, subprime lenders require earned income. The minimum monthly income requirement of subprime lenders is usually around $1,500 to $2,500 before taxes.

To prove you meet the income requirements, they also require recent computer-generated check stubs that also show year-to-date income. You also need to meet a debt to income ratio, and as a general rule, it shouldn’t be higher than 45% to 50%.

Ready for a Car Loan?

Lenders want borrowers to be stable and consistent, since it means there’s a higher chance of the loan being repaid. If your work history is stable, it’s a good sign to an auto lender.

If you’re ready for a subprime car loan and you need a dealership that can work with your credit, look to us at Auto Credit Express! We match bad credit borrowers to dealers with special finance departments, and we can look for one in your area with our free auto loan request form. It’s secure, quick, and completely online, so get started now!

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Pima Supes address eviction protections

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TUCSON, Ariz. (KGUN) — Economic fallout from COVID has cranked up concerns about evictions as tenants have trouble paying. There are Federal protections to reduce evictions in the pandemic but Pima County Supervisors are concerned about evictions that could bypass those safeguards.

Federal restrictions from the Centers for Disease Control restrict evictions if they could increase health risks in general— or the risk of spreading COVID because someone is put out of a home. Those protections are based on whether someone has trouble paying the rent.

Landlords and their lawyers spoke at this week’s Supervisors meeting. They say compared to keeping a tenant, an eviction is a loss for everyone. They want county rental assistance programs to move much faster to channel Federal grants to help tenants pay rent and help landlords cover their expenses.

Steve Huffman of the Tucson Association of Realtors reminded Supervisors tenants will still have to pay back rent and if they can’t it could hurt them long term.

“Many of them have huge judgments that will be issued against them eventually they will owe back rent for the time that they have not been paying rent, those judgments will create bad credit, and will interfere with future housing opportunities, and also future job opportunities.”

Tenants who create other problems beside non-payment or rent can still be taken to court and evicted.

But Pima Supervisors are concerned about reports of people evicted over questionable claims like a car parked in the wrong space or a toilet clogged too many times.

Chairperson Sharon Bronson says these eviction issues are focused by COVID but call for a broader look at how people become homeless.

“We are addressing basically the pandemic issues right now, but this may be, you know, an opportunity to just began the discussion about the larger discussion about homelessness and addiction down the road.”

Supervisors agreed to ask an existing task force on evictions during COVID to take a fresh look at eviction issues, especially in light of possible policy changes under the Biden Administration.



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Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

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Loans Bad Credit Online – PNC Personal loan 2021 Review

Top perks

Low minimum loan amount

Customers can borrow $1,000 to $20,000. That minimum loan amount of $1,000 is unusual in the personal loan industry. A low minimum threshold means you can get the cash you need to cover small emergencies without being tied down to a larger loan.

Wide range of repayment terms

You have between 6 and 60 months to repay the loan. There are pros and cons to longer repayment terms, so this flexibility allows you to customize your term to your situation.. With PNC, you have the option of designing a repayment plan that fits your monthly budget.

Joint applicants welcome

Whether you need a joint applicant’s high credit score to qualify for a lower loan interest rate or someone has decided to co-assume responsibility for a personal loan, PNC allows for joint applicants.

What could be improved

Terms depend on location

The first thing you will be asked is where you live. On its loan homepage, PNC states that “PNC product and feature availability varies by location.” While this may be good news for borrowers in some areas of the country, it could be bad for others. You’ll need to see what it means for you.

Lowest interest rate reserved

If you’re looking to borrow enough to make repairs to your roof or buy a new furnace, you might not borrow enough to qualify for PNC’s lowest advertised interest rate. That’s because that low interest rate is reserved for those borrowing more money. For example, PNC will automatically assign a $5,000 loan a higher interest rate than a $15,000 loan.

Loans Bad Credit Online – PNC Personal loan 2021 Review

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Bad Credit

Loans Bad Credit Online – Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom | Fintech Zoom

Published

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Loans Bad Credit Online – Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

Loans Bad Credit Online – PNC Personal loan 2021 Review

Top perks

Low minimum loan amount

Customers can borrow $1,000 to $20,000. That minimum loan amount of $1,000 is unusual in the personal loan industry. A low minimum threshold means you can get the cash you need to cover small emergencies without being tied down to a larger loan.

Wide range of repayment terms

You have between 6 and 60 months to repay the loan. There are pros and cons to longer repayment terms, so this flexibility allows you to customize your term to your situation.. With PNC, you have the option of designing a repayment plan that fits your monthly budget.

Joint applicants welcome

Whether you need a joint applicant’s high credit score to qualify for a lower loan interest rate or someone has decided to co-assume responsibility for a personal loan, PNC allows for joint applicants.

What could be improved

Terms depend on location

The first thing you will be asked is where you live. On its loan homepage, PNC states that “PNC product and feature availability varies by location.” While this may be good news for borrowers in some areas of the country, it could be bad for others. You’ll need to see what it means for you.

Lowest interest rate reserved

If you’re looking to borrow enough to make repairs to your roof or buy a new furnace, you might not borrow enough to qualify for PNC’s lowest advertised interest rate. That’s because that low interest rate is reserved for those borrowing more money. For example, PNC will automatically assign a $5,000 loan a higher interest rate than a $15,000 loan.

Loans Bad Credit Online – PNC Personal loan 2021 Review

Tags: Loans Bad Credit Online

Loans Bad Credit Online – Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

Tags: Loans Bad Credit Online

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