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Can I get a car loan if I just started my new marketing job a week ago?
"I just started a great new job that pays $85,000 per year, but before that, I was on unemployment. Yesterday, my old beater got hit by an uninsured motorist, but it's not worth it to fix the vehicle.
I'm going to buy a new car, but I'm worried about showing proof of income. Can I still get a car loan if I started a new job a week ago?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Most lenders want to see at least six months of pay stubs, and sometimes even a year’s worth of pay stubs.
However, this doesn’t necessarily disqualify you from approval. If you go to a lender in-person and explain your situation, you’ll probably have better luck.
Conversely, if you fill out an online application and only have stubs from your unemployment, you probably won’t get approved for a loan.
Furthermore, you can always have the lender call your employer to verify your current pay grade. And if you have money for a down payment and have good credit, you should get approved.”
View full answer
- Gregory R.
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