Getting a Car Loan With a New Job: How to Get Approved Easily

Getting a Car Loan With a New Job: How to Get Approved Easily

Posted on May 23, 2022

The Great Resignation is still in full effect; if you have just started a new job and need a new car loan, there are some important things you need to be aware of before you can drive home in your new vehicle.

If you stick around with our Milton car loans team until the end of this conversation, you should have no problems.

Is your new job similar to your previous one?

Lenders love consistency; it allows them to predict future income and avoid issuing loans that stand a better than average chance of not performing.

Source: www.lendingtree.com

If you work in a specific industry and switch to a new role in the same industry, lenders will be more willing to give you a car loan with a new job in Milton.

If you work in a specialized field, say medicine, and you went from working at a hospital to opening your own clinic, then lenders would have no issue approving a car loan because you are in the same field.

If you are in a brand-new field, it does not mean you cannot get a car loan with a new job; the field you work in also plays a role in whether you can get approved for a car loan.

Some industries like hospitality got hit hard during the pandemic and is only starting to recover now.

Borrowers in this industry would need to be on the job for at least ninety days. This ninety-day is not some random number but a legal threshold; if a person works with the same employer for ninety days, they would have completed their probationary period and are now considered an employee; this means the person cannot just be let go without a legitimate reason.

Another reason why lenders request prospective borrowers be on the job for 90 days is it will give them a chance to calculate what is your average monthly income.

Whenever you start a new job, especially if you are paid hourly, it can take a few months before you get into your groove.

Assessing your overall financial health

The biggest variable that can work in your favour when trying to get a car loan with a new job in Milton is your credit score.

Suppose you have been responsible with your finances. In that case, there is no reason to expect you will not be responsible with your finances going forward.

To access the best financing terms, your credit score needs to be 720 or higher, but if your credit score is low, you can still get approved, provided you are working with the right professional.

Finding the right lender

You will not be able to find the right lender on your own sure there are websites that provide information, but the best lenders do not advertise to the general public online.

Therefore, it would be prudent on your part to contact your local car dealership and find out what loan options are available to you.

The dealership will know which lenders are going to give you an amazing deal and can help ensure you get approved for a car loan even if you are having credit challenges.

We’d love to help you find a car loan with a new job in Milton. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Brantford dealership. 

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