Finance a car, is my "job" qualified?
Alright so I'm 18 years old I'm in the market for my first car , and I've seen alot of dealers say "your job is your credit , just bring your last 2 checks" but I babysit I'm making more money babysitting than I would working minimum wage somewhere else (get paid cash) So I was wondering if that will allow me to be Able to qualify to take a car out on payments , the car I'm looking at with a 3% interest the monthly payment would be $250/month which I can most certainly pay
Comments
Auto finance is what I do for a living and there are 10 things that go into making up a car deal weather it's a purchase or a lease and all can effect the interest rate.
1. Term of loan. Shorter the better.
2. Age of vehicle. Newer the better.
3. Miles on vehicle. Lower the better.
4. Amount to finance compared to book value. Lower the better.
5. Credit score. Higher the better.
6. Credit profile. Deeper the better.
7. Down payment. More the better.
8. Monthly income. Higher the better.
9. Time on job. Longer the better.
10. Time at residence. Longer the better.
As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. As you can see from the above list there are way to many things that go into making up a car deal to guess at your interest rate.
Just so you will know this is a breakdown of F.I.C.O. scores used by one of the largest credit unions in my State.
FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under
under the circumstances you describe the answer would be no, your job does not qualify since your paid cash, have not axes taken out and do not have paycheck stubs to prove your income.
Hope this helped.
Have you put on paper the hidden costs that comes with owning a car? have you selected an objective by discussing your odds of seeing your car paid for? Who would make the payments after losing your job as a babysitter?If your parents said no to your suggestion who would be wiling to part with their hard earned cash in their job? Don't ever forget this statement; money and friends soon part! God loves those who help themselves? How would you answer that question with honesty.
The problem with babysitting is that no one views it as a steady job, unlike a daycare center. But in reality, nothing is guaranteed. It's not likely you'll get the car. The "your job is your credit" refers to a steady, full time job that issues you a paycheck. Don't read or hope too much in their line of BS.
Here s the question - are you having taxes withheld or are you getting a 1099? If not, you do not have a job and as such, no income. So, no, since you cannot show a paycheck, you do not qualify.
That will not qualify for a loan as you do not have proof of income, and I doubt you are even paying taxes, so legally, you do not have a job
STAY AWAY from those car dealerships! Too easy too be taken advantage of. If you NEED a car, work out something with your parents to get a better car at better terms.
you can try but there is no guarantee the the individual you sit for will continue to utilize you full time. you can try getting that person to sign a letter of commitment for weeky hours, and you will notarized.