Car Loans For Part Time Workers In Flamborough

Car Loans For Part Time Workers In Flamborough

Posted on February 18, 2021

Working part time is the perfect arrangement for some but can cause issues when it comes to applying for Flamborough auto loans. So what are your options? Car loans for part time workers are definitely possible, but you may have to work a little harder in your application.

Here’s what you need to know about car loans for part time workers.

Check auto loan eligibility

Some lenders have minimum income requirements to access car loans. Others have minimum credit scores, minimum time in role requirements and other criteria.

Check your potential lender for such criteria and see if you meet it. If you don’t, consider if you could meet the criteria or consider a different lender.

Lower the loan amount

If possible, lower the amount you want to borrow. Either buy a cheaper car, consider a used version of your favourite model or put more money down as a deposit. The less you want to borrow, the lower the income criteria will be and the more affordable the loan will seem to lenders.

There are some great deals on nearly new cars so it isn’t a step down considering used.

Work with lenders you know

If you have existing relationships with banks or loan companies, try them first. If you have a good track record of paying off loans, they will be positively disposed to work with you again.

You will still have to qualify but the lender may be willing to overlook any potential issues if they know you’re a low risk borrower.

Get a letter from your employer

While your work history is important, your work future can also have an influence. If you can get a letter from your employer stating they are planning to keep you for the foreseeable future, it can help reassure lenders.

As long as your score, affordability and everything else is in order, a reassurance that you’ll have the job for a while, or at least as far as your employer can predict, can be enough to secure the loan.

Prove you can pay the loan

If you have proof that you can pay off the loan, it should be enough to convince a lender. That can be in the form of bank statements, salary slips, proof of other income, proof of savings or something else.

The more supporting evidence you can provide for your loan, the higher your chance of being accepted.

Use a cosigner or coborrower

If you have someone who can come in on the loan with you, that could be the clincher. A coborrower is someone named on the loan as joint partner in the loan. That could be a partner, sibling or parent.

A cosigner is someone who guarantees the loan. If you default, they commit to paying it off for you.

Either of these can be the advantage you need to secure that loan.

Work with specialist Flamborough auto loan specialists

Alternatively, working with specialist lenders who are more understanding of different situations could make all the difference. While you’ll still have to qualify for the loan, many of the lenders we work with are far more understanding of different situations.

When you’re ready to proceed, contact Unique Chrysler. Our Flamborough car loan team will be happy to help, offer advice and help you access competitive car finance.

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