You may have heard of buy here, pay here dealerships like Hawthorne Auto Square. Many dealers also advertise themselves as “Your job is your credit” car dealerships. Both terms mean you can qualify for a car loan with bad credit or no credit.
The requirements of each dealership vary. But approval is generally based on whether you earn a sufficient income and can make the down payment. This means you’ll need proof of income, whether a pay stub showing year-to-date earnings as an employee or recent tax returns and bank statements as a self-employed contractor.
Benefits of Using a “Your Job Is Your Credit” Car Dealership
- No Credit Check: Whether you have a low credit score, a poor credit history, or no credit, the dealership doesn’t care. Their standards are less strict than a bank, credit union, or subprime lender. It may be easier for you to get back on the road. But while your credit score isn’t a concern, ask the dealer if they report on-time payments to the credit bureaus; this way, your timeliness can help improve your credit score.
- You Can Have Multiple Jobs: A subprime lender may require that you have only one source of income. However, an in-house financing dealership is fine if you have three jobs, so long as you can meet their minimum payment requirement. The down payment is usually based on the cost of the vehicle, so it can vary from one model to another, or one dealership to another.
- Determine Loan Terms First: Instead of choosing a car and then working out a financing plan, a “your job is your credit” car dealership figures out the loan terms first. The finance manager will help with this process. You’ll then select a car from the dealer’s lot that fits the terms, so it will work with your budget.
Considerations When Working with a “Your Job Is Your Credit” Car Dealership
When you need a car and are struggling with credit, it’s still possible to get what you need. The approval process is generally not complicated. But there are some things to think about. For example, the dealer may require a minimum down payment, which means you must have the cash upfront (often bi-weekly or weekly in person). Interest rates on the loan may be relatively high as well.
What About Hawthorne Auto Square?
Our Los Angeles used car dealership offers flexible in-house financing programs. Using a convenient buy here, pay here model, we provide options such as taking five months to build your down payment, while holding on to the car, truck, or SUV of your choice. We also accept any form of income, including SSI, disability, or government assistance (get approved even if you don’t have a job). Our interest rates are low as well; your loan’s APR can be as low as 2.9%.
These competitive financing options mean you can select from hundreds of vehicle makes and models on our lot. These cars, trucks, vans, and SUVs are low-mileage and high quality. Each vehicle is carefully inspected before being prepared for sale and is covered under a six-month warranty that includes service and maintenance. Payments are accepted online or by phone so you don’t have to travel to our dealership every time.