How big of an impact will changing jobs have on getting a new car loan? I just recently changed companies; however, i'm in the same field of work. I'll be in the market for a new car in the next few months. I have, however, lived at the same residency for 12 years. That will help some, for sure. Thanks- dd
DD: A job change truly depends on the length of your prior employ, as well as oneâ??s overall industry experience. You see what most auto underwriters will be looking for is stability, thereby lessening recovery risks. Your residency certainly helps (quite a bit as a matter of fact) because that goes hand-in-hand with credit worthiness, again showing a sound degree of stability. If you go with factory financing and you donâ??t switch jobs more than a few times every so often, but stay in the same industry? Chances are VERY good youâ??ll get the loan, in the extreme actually (depending on credit worthiness as well). Factory financing (GMAC, Ford Motor Credit, etc.) is often a bit more lenient, because their product sale is at stake and (at long last) that's the primary business: selling cars. [;-)
typically if you are trying to get a "less than great credit" loan. 12 months on the job, and 12 months in the general city area are Mandatory. They are 100% mandatory for first time buyer loans (less than 24 months of history).
Thank you. I won't be needing a "less than perfect credit" loan, though. In fact, I recently paid off a car loan from my credit union, and will use them again for this future loan. The only difference will be the length of time at CURRENT employer. My credit's excellent; I can't imagine the credit union denying me over that one factor...
I got my first car loan with 3 months on my current job, less than 2 years in the industry and less than 2 years credit history. And it was from a bank, not a finance company. The only thing was I had to put down about 20%....
Thanks, Sorin. That makes me feel better. My credit score is 740+, so I don't think they'd throw a big fuss about the job stability. dd
