Posted on: Jan. 30, 2017 in Credit, Car Loans, Debt

Bad credit can make it difficult to do things you may want to do, but it doesn’t have to make them impossible. Even those with low credit scores can get approved with special auto financing programs. Typically, these programs will look at multiple factors that make up your personal situation, as opposed to simply looking at your credit score.


At CreditYes, we strive to get people into new cars every day.

One aspect of your situation that comes into play is your income. You may think you need a full-time job to be considered for a bad credit auto loan. However, our program requires a minimum $1,500 per month income. This means that even a part-time job can earn you enough income to qualify for a loan.

It’s important to note that your time with your employer is going to factor into your ability to borrow. If you’ve been with your current employer for a year or more, or you have at least a two-year job history, you will have an easier time qualifying for a loan. At CreditYes, we value your stability.

Some people who earn tips don’t report the full amount they receive. While this may seem like a good way to earn a little extra cash “under the table” and avoid paying income tax, it’s actually illegal. If that’s not enough to make you report, keep in mind that underreporting can hurt your chances for qualifying for a loan. You’ll need to be able to show this income to potential lenders.

Finally, keep in mind that if you have debt, your income will have to be high enough to cover it and still leave some cash leftover. Your debt-to-income (DTI) ratio, the amount of money your obligated to pay out compared to the amount of money you intend to bring in, needs to be in the right zone to get approved. To be more specific, lenders typically do not want to see a DTI of higher than 50%. The lower your DTI, the better your finances look because you’re more likely to have the income available to cover a new loan.

If you’re ready for a new car but your credit is keeping you from getting approved, CreditYes can help with our bad credit auto loan program! We can match you with a dealership in your area that will be with you ever step of the way. Our service is fast and free. Fill out our secure online application and get behind the wheel of your next car today!