Not that long ago, car loans were restricted to full time employees only. If you were a seasonal worker, you could forget it. A lot has changed over the past few years and more lenders than ever have woken up to the fact the workplace has changed and the old restriction of full time only is no longer relevant.
That means seasonal workers can access car loans.
It won’t work for everyone though.
Seasonal worker car loans
Qualifying for a car loan will depend on a few things, including how long your season is and whether you have alternative sources of income.
The main considerations for a car loan are:
- Your credit score – The higher the better
- Any previous credit issues – The fewer the better
- The length of employment – The longer the better
- The length of the season – The longer the better
- Your annual earnings overall – The higher the better
- Your down payment – The higher the better
If you have a good credit score, you are much more likely to qualify for any type of car loan. Any previous credit issues will obviously make a difference but they won’t prevent you accessing finance. Those days are thankfully long gone!
What really matters is how long you have had the seasonal role, how long that season is and how much you earn per year. If you have other income from investments, other jobs or something else, that will work in your favour too.
Affordability is everything
Most car loan applications depend on affordability and it’s no different for seasonal workers. If you earn enough to pay back the loan and don’t have too much debt, we should have no problem securing you some finance.
The type of employment you have is much less of an issue than it used to be. Now it’s more about how reliable that employment is and if you can depend on the income enough to pay the loan.
Satisfy a lender of that and you’re home free!
We work with a range of mainstream and specialist lenders who offer competitive rates on car loans. Whatever your situation, whatever your type of income, if you can prove you can pay the loan, we should be able to secure one for you.
Contact us today to see what we can do for you!