How Important Is Income in Car Loan Financing?
We know that applying for an auto loan can come with lots of questions. Whether you’re wondering how important is income in car loan financing or whether or not you’d qualify, we can help. PA Auto Credit discusses how your income affects your eligibility.
Eligibility Factors
When you apply for auto financing, we look at all your buying criteria. We review your credit history. We’ll ask whether you buy or rent your home and what your mortgage or rent costs each month. We’ll also ask about your employment history and your current income. This helps us determine how much you make, how much is allocated to other expenses, and what you can afford.
Why Income Matters
Income is a primary factor when applying for a loan, because we need to know that you can repay it. We don’t just look at how much you make, but at your work history, to ensure you have a stable income. This is especially important if your credit isn’t ideal, because it shows that you’re still a good candidate for a loan.
Buy Here Pay Here Program
We know that it can be frustrating to need a car, but to have poor credit. That’s why we offer a Buy Here Pay Here program, which has a 99 percent approval rate. You just need to meet the following criteria:
- Employed for at least six months
- Verifiable income of at least $450/week
- At least one positive credit experience in the last two years
- Minimum down payment of $299
Apply for Auto Financing in Fairless Hills, PA
At PA Auto Credit, we pride ourselves on offering financing solutions to all buyers, even those with bad or no credit. When you need a car, we can help. Stop in to apply for auto financing today!