How to get an electric car loan when you started a new job

How to get an electric car loan when you started a new job

Posted on August 19, 2022

The Great Canadian Resignation is still going strong. If you just started working at a new job and need a new electric car loan, there are some key things you need to know before you can drive your new car home.

You shouldn't have any problems if you stay with us until the end of this conversation.

Is your new job similar to the one you had before?

Lenders like consistency because it lets them predict future income and avoid giving out loans that are more likely than average to not be paid back.

Lenders will be more likely to give you a car loan if you work in a certain field and then switch to a new job in the same industry.

If you work in a specialized field, like healthcare, and went from working at a clinic to an extra-mural program, lenders would have no problem giving you a car loan because you are still in the same field.

Even if you just started working in a new field, that doesn't mean you can't get an electric car loan.

Your field of work is also a factor in whether or not you can get a car loan. During the pandemic, some industries, like hospitality, were hit hard and are just now starting to get better.

Borrowers in this field would have to have been working for at least 90 days.

This ninety-day mark is not arbitrary; it is a legal requirement. If someone has worked for the same employer for ninety days, they have finished their probationary period and are now considered full-time employees.

This means that they cannot be fired without a good reason.

Lenders also ask that people who want to borrow money have been working for at least 90 days. This gives them a chance to figure out what your average monthly income is.

When you start a new job, especially if you get paid by the hour, it can take a few months to find your rhythm.

Taking an overall look at the state of your finances

When you try to get an electric car loan after starting a new job, your credit score is the most important thing that can go in your favour.

Imagine that you have been good with your money.

If that's the case, there's no reason to think you won't take care of your money in the future.

To get the best financing terms, your credit score needs to be 700 or higher. However, if you work with the right professional, you can still get approved even if your credit score is low.

How to find the best lender

You won't be able to find a great lender on your own. There are websites with information, but the best lenders don't advertise to the general public online.

So, it would be smart for you to contact a car dealership near you and find out what electric car loan options you have.

The dealership will know which lenders will give you the best deal, and they can help you get approved for a car loan even if you have bad credit.

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