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Your Job is Your Credit

Updated on September 24, 2012

Your Job is Your Credit

Your Job is Your Credit: Pros & Cons

"Your job is your credit" car lots are becoming increasingly abundant in the continental United States. At a your job is your credit car lot you can find very good used cars for reasonable prices. You are asked to place a down payment on the vehicle and then you and the salesman will determine a monthly payment that fits your budget. The process can go smoothly if you understand it and are willing to be flexible in the situation. The main difference between this type of financing arrangement and a traditional one is that the car dealer is extending credit "in-house" rather than shopping your credit application out to 3rd party lenders.

Pros of an In-House Financing Car Lot:

At a your job is your credit lot you are making payments to the people that you purchased the car from to begin with. This is a wonderful thing because with a traditional dealer you are making payments to a financing company. These payments if late or missed will decrease your credit score. If you are late on a payment from a your job is your credit lot they will reposess your car but they will not report on your credit in most cases.  It is very important to discuss this issue with your dealer prior to moving forward; some dealers report debt repayment to credit bureaus, and some do not. 

Cons of Your Job is Your Credit:

You will have a limited number of options when it comes to the type of vehicle you want. When you buy from an actual dealer you have the choice of interior fabrics and any other customizable thing about the vehicle. At a your job is your credit lot what you see is truly what you get. You also will not have the chance to increase your credit score although you are paying payments monthly (unless your dealer does report your car loan to the credit reporting agencies; check with your dealer for more details).

At a your job is your credit lot you can expect to be given options when speaking with a representative. You will fill out an application and place a down payment on the vehicle and most likely drive the car off of the lot. Your job is your credit loans are in place for people with bad credit for the most part. If you have not so good credit or you don't want to risk ruining your credit a your job is your credit lot may well be the best financing option for you.

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