Despite still being affected by the pandemic, the Canadian economy is still going strong. Employment is still buoyant and there is real optimism for the future. But what happens if you have just started a new job and need a car to get to work? Can you get a car loan with a new job in Caledonia?
Yes, you can!
It’s the answer to a seemingly impossible situation. You need a car to get to work but need work to qualify for a loan to get a car.
This is a situation a client of ours found themselves in. They used to get the bus to work but got a job across Caledonia from where they lived. Buses were no longer viable, so they needed a car.
As a new employee, mainstream lenders wouldn’t lend to them. We found an alternative.
Car Loan With A New Job
Mainstream lenders typically want you to have been in post for at least a year before they will consider lending you money. That’s great if you’re in an established job but what about if you just started?
Fortunately, some of the specialist lenders we work with on a regular basis are a little more accommodating.
We can secure competitive car loans in Caledonia for employees that have only been in post as little as 24 hours!
New job, new car loan
You will need to be able to demonstrate your future earnings and will need proof of the job offer. You’ll also need a good credit score and something to use as a down payment. Otherwise, getting a loan as a new employee is simple!
You’ll need the usual forms of ID and address. You’ll also need proof of savings, proof you have a down payment and a good credit score.
You’ll also need a formal offer letter from your new employer outlining the terms and salary of your new job. That job will need to be permanent and pay enough for you to be able to qualify for the car loan.
Otherwise, the rest is easy!
It’s easier to get a loan if you’re full time but if you work part time and have sufficient income to afford the loan, you can still qualify for one.
This is one of those times when you’ll need a good credit score though. That’s a deciding factor in accepting you for the loan so lenders will want to see a good credit score and credit history in order to accept your application.
We typically work with newer employees with 3+ months in post but we know of lenders willing to work with employees with only 24 hours in post!
The application process is the same as usual. Check your credit score, put aside your down payment, get together bank statements, proof of ID and address, collate proof of income and talk to our team.
You’ll also need that offer letter if you’re a new employee or 3 months’ worth of wage statements if you’re still new in post.
If you have all that, we should be able to secure you a great deal on a car loan!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan with a new job today!
For any questions or concerns, please don’t hesitate to contact us here!