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Four situations that can make if difficult to get a car loan in Woodstock

Four situations that can make if difficult to get a car loan in Woodstock

If you’re in the market for a car loan, you will find more choice than at any time previous. Yet there are still too many employment situations that make it difficult to secure a Woodstock car loan.

Whether your loan application is rejected or you’re asked for more proof, there are four work situations we see a lot that can cause difficulty accessing car loans in Woodstock.

Let’s outline them below.

Self employment

Self employment has been a thing for decades and yet lenders still cannot fully get to grips with it. Some of the lenders we work with are superb at understanding the unique position self employed people are in.

If you’re applying for a car loan in Woodstock as a self employed person, expect to be asked lots of questions about income and to provide tax returns, bank statements and any evidence of regular income.

If you have difficulty securing a car loan as someone who is self employed, come see us. We can help.

Switching jobs often

Someone who switches job often will also have difficulty with mainstream lenders. Some careers just work this way while some people just cannot settle. That’s fine in day to day life but can make finding a car loan more difficult than it could be.

There’s nothing wrong with switching jobs a few times until you find the perfect role. That’s normal. What may cause problems is an unstable work history where you stay a few months before moving on.

We can still help you secure a car loan with lots of jobs on your resume but you can help yourself by sticking with a job for as long as you can before applying for the loan.

New starter or on probation

If you have just started a new role or are in the initial probation period, it can be difficult to be accepted for a car loan. Not impossible though as we know a few lenders who are willing to lend to people who have just started their job.

Expect to have to prove you can afford the loan, just like someone who is self employed. You’ll need bank statements, proof of savings or other income and the offer letter you received for your new job. As long as the job is permanent and/or full time, you should be fine.

Insufficient provable income

People who work for cash or off the books will have issues proving their income for a Woodstock car loan. As will those who earn minimum salary. You may be able to afford the loan comfortably but unless you can prove that in your application, you’ll fail the affordability test.

If you’re a cash worker or day labourer, keeping records and declaring everything in your tax return will go a long way to proving you can afford the loan.

It will mean paying more in tax, but you can’t have everything!

Whatever your work situation, we work with lenders who look beyond the credit score. Who asses your situation for what it is and who remember there is a person behind every application.

If you need help or advice on anything to do with car loans in Woodstock, contact Car Nation Canada today, we can help!

Categories: Car News