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Auto loan when between jobs

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sjwaste

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My second thread today. How awful of me?

I know there are some folks here that have been in retail finance and auto sales. I was wondering if someone could answer a fairly basic question.

I am currently between jobs - literally, between, not unemployed. Can I get a new car loan (factory/dealer financing, specifically Ford if anyone is in the know), all else being satisfactory?

I have the income history, an offer letter and credit score to otherwise support the loan - I just took a month off to move from DC to Maine. The reason I don't want to wait is that I will be starting a new job in a month and I will actually have to get in a car and commute. No more DC metro for me. I'd rather get it ordered for delivery, since I want a fully loaded Focus Titanium that I cannot seem to find in stock, so that I don't have to wait so long for delivery. Mainly, this reduces my time in a rental car.

What are the thoughts from the ATOT finance crowd?
 
Which carrier are you using now?

I understand the Volvo LTE cars are pretty safe.

Seriously though, you'll likely need a "proof of employment" or "offer letter" from your new employer, and you should be golden.

Don't go crazy, buy the cheapest thing you can find and run the wheels off of it...
 
I don't work in the auto industry but providing a past credit history for review should show you are credit worthy. The question is you are between jobs and technically unemployed even if you have a job lined up. I'd talk to your future company's HR department and ask them for a letter explaining that you currently aren't working yet but that you are already hired and the reason you're not working yet is because of the need to move and set up in a new location.
 
akugami said:
I don't work in the auto industry but providing a past credit history for review should show you are credit worthy. The question is you are between jobs and technically unemployed even if you have a job lined up. I'd talk to your future company's HR department and ask them for a letter explaining that you currently aren't working yet but that you are already hired and the reason you're not working yet is because of the need to move and set up in a new location.
Click to expand...

I guess I was using the BLS definition, which would actually not even count me as part of the labor force, since I am neither employed nor unemployed (jobless, looking for job and available to work) as I'm not looking for a job any longer.

I have a signed offer letter. I suppose I could call Ford Financing and ask. My initial thought was to call a dealer's financing dept, but figured they'd do anything to get me to come in, so I scrapped it.
 
Do you prefer an open-source auto that you can do what you want whenever you want or do you prefer a car with a highly polished, but somewhat closed system?
 
I am a finance manager at an auto dealer. If you have very good credit you would more than likely be auto-approved and not get any stips from the bank, just put on the credit app you still currently working for the company. If you have less than stellar credit, just get a letter from new employer stating starting date and salary, you should be good.
 
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