Auto Loan with Bad Credit Time on Job
Obtaining a car loan is something that a lot of people have to do when they want to afford a new vehicle. However, the possibility of being approved for auto financing with serious credit problems can cause a lot of stress. Luckily, our finance specialist at Dougs Credit Center can help people who need an auto loan with bad credit and little time on job get approved today.
Tote The Note Dealerships
When you need an car financing with poor credit and little job experience, going to a tote the note dealership is a smart idea. These types of dealerships are actually known by two names:
- Tote the note dealerships
- Buy here pay here car lots
Basically, at these dealerships, you are not going to face a credit check at all. Instead, you will be able to practically drive away with a vehicle shortly after you arrive on the lot. Generally, these are not the lots to visit if you want to buy a brand new car.
For Brand New Vehicles
Now, let's say that you do want a car that is new. This will be a little bit more difficult. You definitely need to go for a pre-approved auto loan with one of our lenders to see if you will qualify for financing at all. In most situations, you will have to choose a vehicle that is on the lower end of the price spectrum. You could also find out if someone will act as a co-signer on your loan. Doing so will help you to secure a loan for a larger amount of money.
What to Expect
Well, when you want to take out a car loan but you have shaky job history and poor credit scores, you should absolutely work on saving up a large down payment. When you are able to present a large down payment, your chances for getting approved go up. In any case, you should expect to see some fairly high interest rates. The more favorable your financial situation is, the lower your interest rates will be. Fortunately, some good news exist. In a few months or so, when your credit situation has settled down a bit, you can try to refinance for a lower rate.
What news is even better? Well, the fact that you can qualify for a car with bad credit and little job history!