Question about 1 year job and residence requirement for loans

[mere2368]

Hi,

I am currently doing my research for an auto loan.  I have very low credit, so I am trying to get as much info as I can before even applying.  I was recently in a bad car wreck, and 4 months later, they decided to total my car, so I need a new car.  Anyway, I read that lenders will look for at least one year job history and one year residence history.  I got a new job in October, but in the same field.  I've been in the same field for five years, just accepted a higher paying poisition with another firm.  Will that be ok?  I have had stable work history since I was 15.  Also, I moved a little less than a year ago... same area, just moved in with my fiance.  Do you think that will be an issue?  Thanks so much, just trying to get all the info that I can prior to even applying anywhere.

[policebox]

I don't see any of that being an issue for you. Provided you can document your current income and address, you should be fine. There are plenty of banks out there that will finance you, that if you happen to come across one with those requirements, that you'll have other options.

If you are a member of a credit union, I'd start there by getting your financing pre-approved. That way you will have a basis to go by should you decide to shop elsewhere for more competative terms. If you aren't a member of a credit union, I suggest joining one.

[Remember0]

Yeah, this won't be a problem at all. Make sure you get a approval from a local CU/bank or even some place like BofA before going to a dealer.