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How many months of consecutive employment do I need to get a car loan?
I was looking at car loans and they say you need 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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great that you finally found a new job! It’s not always easy to stay motivated, but you did it.
Regarding 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, 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 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.
MORE:
How to buy a new car
View full answer
- Gregory R.
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