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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 most of them say you need to show 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.
As far as 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, then 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 definitely 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.
Be sure to shop around for your car loan to get the best rates—and you should do the same with your car insurance. Using the
Jerry
app, you can compare dozens of rates from top insurers to find the best deal for your car insurance needs.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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