Does it make a a difference when we buy a car?

Question

My wife just got a new job. She will need to give notice at her other job. She is also needing to get a car. I have heard that it is better to get a car before you leave because it shows a more stable work history? Is this true? The job she has accepted pays more than her current job. Is it better that you make more money or is job stability more of what they look for on getting a car loan?

Answer 1

Explain the situation to the lender and follow their recommendation. Financing criteria has changed a lot in recent months.

Answer 2

First of all.....if she already has good credit, it shouldn't be much of an issue. However, if it is marginal credit, I'd get the car now. The short job time could work against her.

Answer 3

In my finacial planning class, we were told that a stable income is what the lending companies look for when they are going to give a loan. Would you lend money to someone who has a steady income or somone that just got a job?

Answer 4

job stability does make a difference in getting a loan,they may still give her the loan but it would have been better to have got the loan with the old job,changing jobs and then applying for a car loan doesn't look good on an application,if you have good credit the loan will probably still go through though,it would have looked a lot better on a app to have several years in at one place rather than one week at a new place,either way with good credit it shouldn't be a problem,good luck.