Finding Car Dealers Where Your Job is Your Credit

Get Car Financing
Even with poor credit.

By

Megan Foukes is a recent graduate from Indiana University who graduated with a bachelor’s in journalism. Megan works as a content writer for Auto Credit Express and contributes to several automotive and finance blogs.


, - March 11, 2019

If you’re struggling with credit, you may be wondering where you can find a dealership where your job is your credit. These dealers are also known as buy here pay here (BHPH) car lots, and they don’t look at your credit to determine approval for an auto loan. Here at CarsDirect, we can help you get connected to a dealership that uses your job as your credit, but it’s important that you understand what makes your job is your credit dealers different from dealerships that offer subprime loans.

Your Job is Your Credit Dealers: Qualifications

Just like a subprime lender, you need to meet their income, down payment, and residency requirements to get a bad credit car loan at a BHPH dealer. Remember, your job is your credit, and if you don’t make enough money, you can’t finance a vehicle.

As for how much money you need to make, it depends on the dealership’s requirements – and these vary. For reference, subprime lenders typically like to see that you make at least $1,500 to $2,000 a month before taxes. You need to bring in proof of your income with a recent computer-generated pay stub, or recent tax returns if you’re an independent contractor.

When it comes to the down payment requirement, how much you need also varies by dealer. Subprime lenders generally ask for a minimum of $1,000 or 10 percent of the vehicle’s selling price, whichever is less. BHPH dealerships, on the other hand, may ask for a much larger down payment. Depending on the vehicle you choose, your down payment required could be 20 percent or even higher. Plus, you can expect your interest rate to be in the double digits with a dealer that uses your job as your credit.

What to Expect From a Buy Here Pay Here Dealership

Now that you know what you need to qualify for a car loan from a BHPH dealership, what can you expect out of the vehicles on these lots? The first thing you may notice is how limited the inventory is.

These dealers are generally small, and you're limited to choosing from the cars you see on their lot. The second thing you may notice is that they only carry used vehicles, so don’t expect to finance a brand new car at one of these places.

A good tip is to test drive the vehicle, and have a trusted mechanic perform a thorough inspection before you purchase it. Even if the vehicle history report is clean, it’s best you have another set of eyes check it over. You don’t want to buy a car that needs extensive repairs just to keep it running in the future.

Ready to Get Started?

When you’re ready to find a dealership that uses your job as your credit, CarsDirect is here to lead the way. We help credit-challenged car buyers get the financing they need by connecting them to local special finance dealers. Getting started is a snap, just complete our free and easy auto loan request form today!

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Megan Foukes is a recent graduate from Indiana University who graduated with a bachelor’s in journalism. Megan works as a content writer for Auto Credit Express and contributes to several automotive and finance blogs.


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