Car Loans Where Your Job is Your Credit

Thanks to your job is your credit auto dealers having a good credit score is not the only way to get car loan these days. These types of lenders and specialize in bad credit auto loans and are willing to focus on other facets of your application when you need vehicle financing. They are not always perfect, but a your job is your credit auto dealer makes looking for an auto loan much easier when you have credit problems.

What is a Your Job is Your Credit Car Dealer?

A your job is your credit auto dealership is very similar to that of a "We Finance" or "tote the note" car lot, in that they deal strictly with direct loans. This means that you are borrowing money directly from the dealership, with the expectation that you will repay your loan. When going through the application stage in which your paycheck is your credit these dealers will focus on your income and job status, rather than your credit health.

This usually makes it easier for anyone to finance a car since most lenders will only ask that you have a gross income of $1200-$1500 a month. However, these types of loans do come at a price as the punishment for late payment tends to be more severe. Here are just a few things that a person should be on the lookout for with this type of special auto financing.

• Repossession: A your job is your credit dealer is more likely to repossess a person's vehicle if they fall behind on payments. They may wait a month, a week, or some cases only a day for payment before they decide to repossess a car. Some of the bad dealers have even been known to try and sell a repossessed auto hours after taking it back.
• Fast Sellers: The loan process with these types of lenders usually works very fast, which can be good and bad at the same time. You want to make sure that you understand everything about your loan term such as payment dates, method of payment, and consequences for late payment. 
• Loan Rates: Most direct loans tend to have higher loan rates than normal, and this is usually because of persons poor credit score. They won't necessarily be astronomical, but you will be able to tell the difference between financing a car with good credit and damaged credit. 

Now this doesn't mean that all your job is your credit car loans are bad, but it's always a good idea to be prepared. By doing research on a dealer you can learn what past customers liked and disliked, and have the ability to make a better decision. Remember a your job is your credit lender does offer easy financing, and can be the best way to reestablish your poor credit score as well.