What do lenders look at job/income wise?

[Anonymous]

My primary question is what do lenders look for concerning job/income when applying for a vehicle loan?

Back story, I’ve been at my place of employment over 6 years, I recently took an 8 week leave of absence due to COVID, receiving unemployment. I’ll be going back to work next week.

We are looking at purchasing a vehicle within the next couple of months, will my 8 week LOA affect us in any way when we apply for a loan? Do they look at the last 3 months of income or just that I have employment? My husband and I will be joint on the loan but I have better credit.

Please help, I need to know if I will be alright buying in Sept. or if I need to wait, thank you.

[Brian_Earl_Spilner]

I was on furlough for 3 months and I bought a car a week after coming back to work. I spoke to the finance guy a bit about it. He said that my length of employment was long enough (15 years) that the captive lender wouldn't request paystubs, and they didn't. I already had funding through multiple sources so I knew I could fall back if asked.

My advice is, if you're worried about it, hold off until you have a couple of paystubs as that's what's usually asked for. You can also get pre-approval elsewhere first. Cap1 didn't ask for paystubs, but they did a couple of years ago. NFCU didn't ask for any either.

[Mjhall85]

Your job history even with the LOA you will be fine as you still had income during that time and by September you will have regular w2 pay as well.Pending on credit some lenders may not even ask for paystubs or statements. I recently financed with capital one and they only asked for a recent paystub. I am also coming off a chapter 7 discharge so I expected them to want some extra stuff. I had a couple lenders setup pending which car I went with. From what I know lenders like to see you at the same job and house for 2 plus years.

[nycsimone]

I just got a new vehicle today - i'm currently on a leave at work due to Covid and collecting unemployment. Going back to active status next week but they didn't even ask for employment or income verification. Granted i've been at my place of employment for over 12 years and have a 750+ FICO.