Can I Get a Car Loan with a Part-Time Job?

If your main source of income comes from a part-time job, you can get a car loan. The key is that the earnings from your part-time job must meet the lender’s income requirements. If they do, then you shouldn’t have an issue getting approved. If you don't meet their standards, you need to look to outside help to qualify.

Income Requirements for a Car Loan

Can I Get a Car Loan with a Part-Time Job?When dealing with bad credit, you’re going to find that subprime lenders have more requirements you need to meet compared to traditional lenders. One of these is a stricter income requirement. The minimum required income for an auto loan varies by lender, but you generally must make at least $1,500 to $2,000 a month before taxes from one source.

To prove this income, you need to furnish a recent computer-generated pay stub showing year-to-date earnings if you’re a regular W-2 employee. If you’re self-employed or an independent contractor, you typically need to bring in your two most recent tax returns, and possibly bank statements to back them up.

How to Qualify when You Have a Low Income

If your part-time job doesn’t meet the lender’s minimum, you could still qualify for a car loan. However, you aren’t going to be able to do it on your own. In this case, the best option is to add a co-borrower.

A co-borrower is somebody who signs the loan documents with you, and shares ownership of the vehicle. The lender can combine both of your incomes if your co-borrower is your spouse, which could help you qualify for a loan.

A cosigner may also be able to help you, but, unlike a co-borrower, you can't add their income to yours. The only way a cosigner can help you meet income requirements is if your income can't be garnished.

If you add a cosigner with a high credit score and/or an income that can be garnished, this may qualify you for the auto loan. However, this isn’t always allowed, and should be discussed ahead of time. Your potential cosigner must have good to excellent credit, and meet the income requirements set by the lender in order to qualify.

The Bottom Line

If you make enough money with a part-time job, you certainly can get a car loan. You need to make sure you sit down and discuss what the income requirements are with the lender, and determine if you need a co-borrower or cosigner to boost your approval odds from there.

When you’re ready to finance a vehicle, we’re here to help. At The Car Connection, we connect consumers to local dealerships that know how to help people in unique credit situations. Complete our auto loan request form to get the process started today.

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