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Part-time employment is common throughout many industries, but you might find that it makes it harder to get approved for a car loan. While it doesn’t exclude you outright, you may be required to provide more evidence of your ability to repay than a full-time worker.
There’s no specific rule when it comes to what type of work is considered part time. In general, you may be a part-time employee if:
Working part time shouldn’t exclude you from a loan altogether, but it might make it harder to qualify for a lender’s minimum income requirement. Before you apply, follow these tips to help put yourself in a good borrowing position:
Regardless of your employment status, you should always work out how much you can afford to repay — and therefore borrow — before taking out any type of loan. Applying for preapproval is a great way to suss out what rates and terms you might qualify for from different lenders.
Then, use a simple repayment calculator like the one below to get an estimate of your monthly repayments. Simply enter the amount you wish to borrow, the interest rate and the length of the loan to calculate how much you’d need to pay back each month.
When you’re all geared up to start your loan application, ask yourself these three questions first:
As a part-time employee, you likely know how difficult it can be to qualify for financing. While car loan providers typically require you to have a minimum income, there are ways to increase your chances of approval — from having a large down payment ready to providing a letter from your employer.
Compare your options with our car loans guide to get an idea of how much you can afford to borrow on a part-time salary.
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