Guaranteed Approval Car Loans
How much of a pass work history is necessary for a car loan?
The place I want to buy from is known for their "guaranteed credit approval. "But how much of a work history is usually required? The owner told me that he funded a girl who just graduated college and had not even found a job yet. Does it really look good to the bank if you have a payout?
Yes a payout looks good and it needed some banks b / c it will only finance a certain percentage of the cars worth. Job history should be 6mo-1Yr. My guess the girl is that she had a cosigner. If they have a guaranteed credit approval they probably have really great interest for bad credit. I've heard of dealers selling cars close to 19% which is practically a credit card. If the interest is too high, you will end up paying far more than you should and you may end up in a situation where you owe more than your car is worth.