How many months of consecutive employment do I need to get a car loan?

I was looking at car loans and most of them say you need to show proof of income. I've only had my current job for three months. Before that, I had a long period of unemployment. How many months of income do you need to buy a car?

That’s great that you finally found a new job! It’s not always easy to stay motivated, but you did it.
As far as your car loan, most lenders want to see between three to six months of income to verify that you have enough money to take on the car loan.
  • For those with great credit, this leans more toward three months.
  • If you have mediocre or poor credit, six months is more realistic.
  • If you have poor credit, then you may want to wait an additional three months until you have six months of verifiable income.
Another option that may help you qualify for a loan is to get a cosigner. But if you do, you’ll definitely need to make your car loan payments on time each month, as failing to do so affects not only your credit score but also your cosigner’s.
Be sure to shop around for your car loan to get the best rates—and you should do the same with your car insurance. Using the Jerry app, you can compare dozens of rates from top insurers to find the best deal for your car insurance needs.
Eric Schad
Answered on Nov 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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