Two Jobs and Income Requirements for Bad Credit Auto Loans


If you have two jobs and want both of your incomes factored into a car loan application, it may be possible.

Two-job vehicle financing and bad credit

Many borrowers have more than one job to make ends meet. Whether you have two full-time or two part-time positions, it’s natural to wonder (and hope) that both sources of income can be used to meet the income requirements of an auto lender.

In some cases, subprime lenders who specialize in assisting borrowers with credit problems accept two sources of income to meet their requirements. However, this is specific to the lender. Some subprime lenders may only accept one source of income – your primary – to meet their needs, and the second job can only be used to lower your debt-to-income ratio (DTI).

The common minimum monthly income requirement of a subprime lender is typically around $ 1,500 to $ 2,500, pre-tax (or gross). Most lenders prefer that borrowers achieve this with a single earned income, although in some cases they may accept self-employment, unearned income, or two separate sources. Unearned income is defined as social security, alimony, child support or any other similar income that is granted.

If you are applying for auto financing from a special financing dealership that has registered with subprime lenders, you may only be able to enter one job on a financing request. However, having additional sources of income can still increase your chances of approval, if they are stable and consistent.

Understand the task history requirements

Even if your multiple income source (s) meet the initial requirements for a bad credit car loan, a lender is likely to ask you about your employment history as well.

A consistent work history is a good indicator of stability. The longer you keep the same job or work in the same industry, the more likely you are to be considered by a stable car lender and, in turn, have a good chance of being approved. They are not only concerned with how much income you bring in, but also how likely the income will continue for the life of the loan.

This is where the work history requirements come in. Most subprime lenders require you to have the same job for about six months to a year. If you have a second job, the same requirements generally apply. The majority of subprime lenders also review your employment history for the past three years and require that you have had no more than 30 day intervals between jobs.

In order for any primary or additional income to count towards the income requirements, you must provide proof that you are receiving this income consistently and for the duration of the loan you are applying for. Most auto loans last between 48 and 96 months, so subprime loans, in particular, need to have your work history stable for both jobs before getting approved.

How to prove your income

If your income is W-2, then proving your income is usually straightforward: provide recent computer-generated check stubs that show cumulative income for the year. For your employment history, the lender may ask your employer for an employment verification, which usually includes a start date and verifies your current employment status.

If you are self-employed, freelance or contract, you probably have a type 1099 income. To prove 1099 income, you typically need to provide two to three years of tax returns. A subprime lender may also ask you to provide bank statements, but this varies.

For any other type of additional income or unearned income, expect to need a copy of your award letter for proof. A lender may also ask for a bank statement to prove that you have access to this income and that you also receive it regularly.

Where Can I Find Bad Credit Lenders?

Even if you’ve gathered all the necessary documents to prove that you have the income you need for a bad credit car loan, finding a subprime lender isn’t always the easiest hurdle to overcome. Not all dealerships are registered with these lenders, and finding a dealer can take some time.

But at Auto Express Credit, We are here to help you. We have created a nationwide network of dealers who are registered with subprime lenders. There is no longer any need to guess which dealers have the resources you need for bad credit situations – we’ll do the research for you. Get started today by filling out our auto loan application form. It’s completely free, secure, and only takes a few minutes. We will look for a reseller in your area without obligation.