How long do I need to be employed to get a car loan?

If you’re considering applying for a bad credit car loan, you might be wondering how long you will need to be employed to get approved. Generally, a lender may want to see an employment history of at least six months when considering your application, however, this time period may differ from lender to lender.

Read on below to find out more about bad credit car loans, and employment.

How long do I need to be employed to get a car loan?

Generally, six months is the minimum that lenders may want you to have a job when looking at your car application. However, you might be eligible sooner depending on the lender, and your income.

Employment history can be a major factor that lenders take into consideration when deciding the outcome of your application. If you have a good work history and steady income, your employment situation could be deemed to be less risky to a lender. Being consistently employed demonstrates stability and a reliable income. When you apply, you may need to supply your lender with proof of your income, identity and details of any debts that you have, among other things.

Each lender will have their own criteria, and they may have a different time period when it comes to being employed. This means that some lenders may want you to be employed for a minimum of six months, and some may want a different period of time.

How much can I borrow with a bad credit car loan?

Bad credit car loans are designed for people who have struggled financially in the past. Intended to help people with bad credit, anyone who has any type of bad credit can generally apply for a bad credit loan. Bad credit loans differ from standard loans in that they are targeted to help those who have experienced bad credit or bankruptcy. Those who have experienced these financial troubles can often find it difficult to be approved for a loan and may find a bad credit loan helpful.

How much you can borrow with a bad credit car loan depends on your lender and the type of loan that you’re approved for. Different lenders will have different types of loans, and this means different lending amounts. The amount that your lender will let you borrow may depend on what your current credit score is, and what your credit history is like. If you have many defaults listed on your file, your lender might decide to let you borrow less than they would without those defaults. Lenders will generally also take your employment, income, assets and debts into account when reviewing your application.

You might find it helpful to discuss how much you can borrow, and the details of your employment with your lender before deciding on a loan.

Where does Tiger Finance come in?

We have helped countless Australians with both good and bad credit ratings to be funded for their dream car. The lending criteria from other lenders can be unfairly strict when you have bad credit, and it can hold you back.

With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a car loan.

How we can help

Our loan experts can make the entire process simple and pain-free. We can find you the right loan quickly and easily. If you’re ready to drive away in your new car, call us today for your free initial consultation with one of our loan specialists.