Overhaulin' - how long do I have to be employed at my new job in order to get a good car loan?

how long do I have to be employed at my new job in order to get a good car loan?

lol, I've been trying to get a loan on a car for a year now.. well, a good loan. The reason why I couldn't get much of a loan was because of the amout of money I made... Now, I have a a new higher paying job... How long do I have to be at my job before a bank will consider giving me a better loan?

Public Comments

At least 1 year........
It does depend on the individual bank. However, 1 year seems to be industry standard and the longer you're at the company the better the rate is. Since you've been there for a year you are probably good to go as long as you're credit is good.
Every lender I work with wants the same criteria for their best rates: 2 years on the job, 5 years at the same residence, 3 years credit history with no derogatory marks, a previous auto loan in good standing, 700+ FICO score and a debt-to-income ratio less than 34%. Others may tell you it should be easy for you to get premium rates but they don't work with lenders every day. The truth is, we're in a severe recession. It's more difficult to get credit today than at any other time since The Depression. You may possibly get Tier 3 rates, 12%-16%. But to get the best rates, that won't happen for a while. If you can wait until the '10's come out in September, you may be eligible for Tier 1 rates then.