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I was just approved for an auto loan, and...

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Anonymous
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I was just approved for an auto loan, and...

I'm not too sure if I put this in the correct category, but anyway...

 

I currently am unhappy at my current job and I just applied for a job elsewhere. Should I stick it out a few more months at my current job? Or should I go ahead and take the new job I may be offered?  The reason I ask is because I just got the auto loan today and I don't know if I should risk it and leave or stay at my current job until I make a few payment on the loan.

Message 1 of 6
5 REPLIES 5
Elated
Contributor

Re: I was just approved for an auto loan, and...

I don't think it matters what job you have kmm, just as long as you pay for the vehicle, that's all the bank/finance companies are worried about .Smiley Wink

 

I hope this helps!Smiley Happy

Message 2 of 6
Tomoslx2
Established Member

Re: I was just approved for an auto loan, and...

If you have been approved for a loan, and the loan has not been funded by the bank, I would not change jobs.

 

I work as a Finance Manager for an auto dealership and know from experience.They will most likely have a stipulation on verification of job info, If they call to verify and you are no longer employed, the will cancel the approval. You most likely signed a "Spot Delivery" agreement, and if the loan does not fund (the dealership doesnt receive the money), they will take the vehicle back!

Message 3 of 6
joeblow2
Regular Contributor

Re: I was just approved for an auto loan, and...

Question for the finance manager. What is the Min FICO score you need to work with ?

Message 4 of 6
Booner72
Senior Contributor

Re: I was just approved for an auto loan, and...

What is more important?  Car or new job?  There's your answer.  Good Luck!!]

 

EDITED:  Oh, I thought you had a new job offer, but you don't yet.  Car loans don't take a long time to fund.  If you're going to buy, hurry up and do it before new job offer comes along.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 6
Tomoslx2
Established Member

Re: I was just approved for an auto loan, and...

There isnt a "minimum" fico score needed. It just depends on which bank you want to go through. I have lenders that will lend to a 400 score, would just need 1k or more down and you will be paying high interest. Most "Prime" Lenders like a 640 and above.

Message 6 of 6
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