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Posted in Auto Loans
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themonumentofgrowth

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Waiting to apply for a car loan?
So my credit core has been slowly rising over the past two weeks (thanks to removal of collection accounts) and i wanted to ask a question about employment and applying for a loan. I am actually starting my job tomorrow and i want to know if i should wait a few months first before i apply for a used car loan of around 4-5K. Mainly because there is no employment history on my account due to my last job being back in November. My score jumped from 524 to 575 on the last update so i am happy that is going well.

Any help or suggestions would be appreciated!

Also if anyone would like to know how i removed debt collections on my account please feel free to ask. I have a sample letter that works perfect for me, found it somewhere online costs about $6 to send them out.

Cheers,
Saul

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Yes, I would wait until you get some history with your new employer. I would also advise you to follow your FICO scores as a version of those will most likely be used by the auto lender. I also advise saving up as much as you can for a down payment as that may help get you approval. Do some research on what your lenders will want when it comes to employment time, for most I would guess at least 6 months, but it will vary from lender to lender.

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