Your Job is Your Credit Auto Loan

Securing approval for a car loan can be quite challenging if you have limited or no credit history. Traditional FICO credit scores primarily assess your borrowing and repayment history, but they often overlook other financial responsibilities. If you lack established credit yet have consistently paid your bills and fulfilled your financial obligations, you may still qualify for an auto loan based on your employment history.

Financing a car through a “Your Job is Your Credit” dealership provides numerous benefits:

Expanded Range of Lenders

• Specialty lenders help customers who cannot get traditional auto loans. This gives you more choices for bad credit car loans with lower interest rates.
• Lenders consider more than just credit scores. They also look at your job and income history to approve loans.
• Carfect connects you with lenders all over the country. They help you find financing options that suit your needs.

Reduced Interest Rates

• Your interest rate depends on your stable job history, not your credit score or report.
• Rates through Your job can be better than subprime financing, rent-to-own, and buy here pay here dealerships.
• Paying less interest over the loan term means you save more money.

Build Your Credit History

• Making regular payments on time shows lenders that you can handle credit well.
• Your auto loan repayment history helps create a good credit profile.
• A good credit history helps you qualify for loans and credit products in the future.

Get the Car You Want

• A dependable used car is important for getting to work, school, appointments, and other places you need to visit.
• Having reliable transportation provides safety, convenience, and peace of mind for you and your family.
• Your Job is Your Credit helps you buy reliable used cars that fit your needs.

Possible Lower Down Payment

• Your down payment depends on your ability to repay, not on your credit score.
• Lenders may approve loans with less money down if you have verifiable income for the payment.
• You can hit the road quicker with less money spent upfront.

Fast Loan Decision

• Lenders can preapprove you in just a few hours or days. They do this by checking your job details instead of waiting for a long credit decision.
• Get your loan approved fast. This way, you can focus on finding the right vehicle.
• The dealer experience is easier because the lender has already checked your information.

Loan Terms That Match Your Budget

• Loan repayment terms, such as length, down payment, and monthly payment plan, depend on your income and expenses.
• Your Job is Your Credit looks at your entire financial situation, not just your credit score.
• Loan terms are designed to create a payment that you can afford each month.

Purchase Better Cars

• Your job is your credit. Lenders partner with quality dealerships that sell reliable used cars.
• You can find a better and more reliable vehicle. This is often not available at buy here pay here lots.
• When you work with a trusted dealer, you receive better protections, such as vehicle service contracts.

No Need for Traditional Credit

• You can get approved with little or no credit history if you meet job and income requirements.
• Your Job is Your Credit lets you get approved based on how well you handle your finances. It does not focus on your low credit score.
• Alternative financing options are available if you have trouble getting traditional credit.

If you meet the lender’s requirements, here are the usual steps to get approved for Your Job is Your Credit auto financing:

How to Find the Right Car Dealer for Bad Credit

• Carfect partners with local dealerships across the country. These dealerships work with Your Job is Your Credit lenders. We will match you with a dealer in your area. This dealer will be suited to your needs. Our dealers have experience helping buyers with credit challenges.
• Stay away from small buy here pay here lots. Instead, look for well-known, licensed car lots for bad credit. Choose one with a good reputation.
• Look for bad credit car dealerships online. Check reviews on sites like the Better Business Bureau before you go.

Apply for Pre-Approval

• The dealer will collect your documents for the application. This includes your proof of income, proof of residence, driver’s license, and insurance. They will also gather any other necessary documents.
• The dealer shares your information with their lenders. These lenders will evaluate your financing options.
• This pre-approval shows the loan amount, interest rate, and terms you qualify for from your application.

Verify Income and Employment

• The lender will reach out to your employer. They will check your income, how long you have worked, your job title, and how often you get paid.
• Self-employed individuals may need to show financial statements, tax returns, or bank account records to prove their income.
• Stable income and steady jobs are important for final approval.

Select Your Vehicle

• Work with the dealer to find a used car that fits your budget and needs. Take time to test drive different options.
• The dealer will figure out the down payment based on the pre-approval terms and the vehicle’s selling price.
• Make sure you are comfortable with the monthly payment. It should fit your budget. Ask the dealer any questions you have.

Final Lender Approval

• Once you’ve selected a vehicle, the dealer presents your information to the lender for final purchase approval.
• The lender may ask for updated pay stubs or other income verification before final approval.
• This process is typically faster than traditional financing since it is based on employment rather than waiting on credit checks.

Complete Purchase Paperwork

• With lender approval, go to the dealership’s finance office to finish the purchase paperwork.
• Sign the loan documents, registration forms, and odometer statement. Make your down payment using cash, check, or a bank draft.
• The dealer might offer optional extended warranty plans or other add-ons for you to consider. Review these carefully before making a decision.

Make On-Time Payments

• Make your first payment within 30 days of your purchase. Keep making on-time payments every month. Late payments can hurt your credit.
• Making regular on-time payments shows lenders that you can handle credit well. This also helps build your good credit history.
• If you face any difficulties making payments, talk to the lender right away. This can help you avoid repossession.

Ready to Apply?

If you want to drive a reliable used car through the Your Job is Your Credit program, Carfect can help. Our bad credit auto loan process takes only a few minutes. We will match you with dealers who offer special financing options for your needs.

With Carfect Virginia buy here pay here network, you can get great offers from many dealers. This saves you time and money.

Apply today at one of our bad credit car dealerships. You could be driving your new used car tomorrow!