Car Loan Rejection Due To These 5 Working Conditions
Car Loan Rejection Due To These 5 Working Conditions
Posted on February 17, 2021
If you use a mainstream lender, you will likely find them inflexible when it comes to non-standard working. If you don’t work 9-5 in a full time or permanent role, you may experience an car loan rejection at some point.
It doesn’t have to be that way, but it often is.
There are five increasingly common work situations that can cause issues with standard auto loan applications.
Insufficient income
Not earning enough for the amount you want to borrow is a common reason for Milton car loan rejection.
The answer is to borrow less, pay off any existing debt to lower your debt to income ratio or to put down a larger down payment. If you can prove you can afford the loan, you should be able to get the loan but it isn’t always the case.
Lots of jobs in a short time
If you switch jobs more often than is regarded as the norm, this can affect your chances of being accepted for an auto loan in Milton. This leads lenders to consider instability. Even if you have a good reason for the switches, it makes lenders nervous so they will often reject the application.
The fix here is obvious. Try to keep the same job for as long as possible.
Contractor or self-employed
Many mainstream lenders cannot cope with contractors or the self-employed. Even though this way of working has been around decades, some lenders just don’t like lending to them.
The answer here is to either prove beyond all reasonable doubt that you have sufficient regular income to pay the loan or work with a more understanding lender. We have a range of lenders who often lend to the contractors and the self-employed.
Seasonal or part time workers
Seasonal or part time workers can have the same challenges as the self-employed. Namely a non-standard work schedule that makes some lenders nervous.
The answer here is the same. Prove beyond all doubt that you have sufficient income to pay the loan or work with a more understanding lender. As long you can afford to pay the loan and can prove it, we can get you that loan.
New to a role or on probation
Most mainstream lenders prefer you to have been in post for at least a year before they approve an auto loan. That can be problematic if you need a car to get to work and cannot buy one outright.
We work with a few lenders who are willing to lend to you even if you have only been working a day. As long as you have proof that your role is full time or permanent, we can get you an auto loan.
Don’t let the fact you’re brave enough to make your own way in the world stop you getting an auto loan in Milton. Just look further afield and work with a team of experts who appreciate the world doesn’t always fit into tidy little boxes.
When you’re ready to proceed, contact Unique Chrysler. Our Milton car loan team will be happy to help, offer advice and help you access competitive car finance.
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