Required Employment for Bad Credit Auto Loans

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Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


, - December 15, 2017

If a potential borrower is struggling with credit issues, they’ll need to keep certain employment requirements in mind for an auto loan approval.

Current Employment is a Must

No amount of cash in hand will substitute for having a stable job when it comes to employment requirements. A lender needs to see – with computer-generated check stubs – that an applicant has the income to make monthly loan payments. Though specific requirements vary by lender, most require at least six months on a current job to qualify.

Keep a Stable Employment History

Along with proof of current employment, lenders typically need a borrower to have at least three years of job history, with no large gaps in employment. This doesn’t mean that a borrower has to be at the same job for years to qualify for auto financing, but lenders are looking for stability.

Each applicant is evaluated based on their own circumstances, and lenders take many details into account beyond the basic requirements. But solid job history is always going to look better than a spotty employment record.

Job Requirements are the Tip of the Iceberg

Being employed and having a stable employment history is just the beginning when getting a bad credit car loan. There are also minimum income requirements – typically $1,500 gross monthly income. Employment should be full-time, or generate enough income to meet the necessary minimum. Additionally, multiple part-time incomes can’t be added together to meet this requirement. It must be from one job.

On top of employment and income requirements, potential borrowers typically need a valid driver’s license, proof of residency, six to eight personal references, and proof of a working landline or cell phone from a national carrier in their name.

Let Us Help You Take the Next Step

Once a buyer has met the minimum requirements, they’ll need to find a dealer to work with. Not all dealers are signed up with lenders who can accommodate credit-challenged buyers, but that’s where CarsDirect can help.

We work with a nationwide network of special finance dealers who have the lending resources available to help you get the financing you need. Taking the first step is simple with our free, no-obligation online auto loan request form. Get started today!

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Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


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