Bad Credit With Part Time Job And Need A Car
Having bad credit can make it difficult for you to be qualified for a good interest on a car loan; having a part time job makes financing a little more delicate.
Your credit score reflect your risk level, or the amount of faith lenders will have in your ability to pay on time. Your job status, however, indicates to car dealerships and banks your ability to cover the loan over a period of time, which is generally 36 month to 60 loan period.
Nevertheless, you should not worry about getting a car loan with bad credit while having a part time job. There are avenues you can pursue and documents you can secure to obtain a quick car loan at a reasonable interest rate.
- Do not go to the dealer first. Dealers will often charge you very high interest rates
- Visit your local credit union. Car loan interest rates at credit union are usually lower than banks
- Get a copy of your credit report and at annualcreditreport.com. Check for errors and notify companies of redress if discrepancies are found
- Get someone to cosign the loan. A cosigner with good credit can help decrease the APR that you will pay
- Get pay stubs to indicate steady employment
- Get the manager at your workplace to vouch that you are a good worker and that you will be assigned more hours of work in the future
- Negotiate your car loan with the intent of paying a reasonable down payment
- Show proof of your ability to pay by presenting your monthly budget to the lender
Most car dealers only need you to prove that your monthly take home pay is about $1500.Therefore, a good take home pay will qualify you for a car loan even if you have bad credit
