What Is the Minimum Employment Length for Credit Approval?

When you’re applying for auto financing or a loan to buy a car, auto lenders and finance companies will review your employment and income status to determine if you can cover your monthly car payments.

Length of Employment History

If you have bad credit or no credit, most subprime auto lenders and finance companies will require you to be employed for a certain amount of time.

Generally, they prefer at least three months of employment to ensure you’re receiving a steady income. If you’re self-employed or receive income from another source, some auto lender and finance companies may work with you if the income is steady and verifiable (i.e. bank statements, tax returns).

Credit Acceptance’s subprime auto finance program enables car dealerships enrolled in our program to approve car buyers with limited employment and bad or no credit history.

Buying a Car with a New Job or Temporary Employment

So, what if you just started a new job and need a car? While most subprime finance companies may require you to have been at your current employer for at least three months, being new to your job or temporarily employed doesn’t necessarily disqualify you from being approved for financing with bad credit or no credit. In fact, car dealers enrolled in the Credit Acceptance program can offer approval to car buyers who are newly or temporarily employed with no minimum job requirements.

If you are in the market to buy a car and need help getting approved for financing, Credit Acceptance can help! Simply fill out the form on our website to get connected with an enrolled car dealership in your area that can help you start your credit approval and buy a car today.