Working for Tips: How to Get an Auto Loan

If you work for tips as your primary source of income, you may feel a little confusion when looking for an auto loan. It may seem daunting, but getting a car loan while working as a server, bartender, or any other tips-based profession is actually quite simple. There are a couple of things that you can do to help you get a loan that meets your needs.

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2 Tips for Getting an Auto Loan While Working for Tips

Tip #1) Keep Track of deposit slips and bank statements:

Every time you deposit cash or paychecks into your bank account, take your slips and save them in a special envelope or folder. If you receive monthly bank statements, save these as well. By being able to bring a written document of your income with you, you clearly demonstrate your income and help lenders see that you bring in a steady flow of money.

Car key and credit card on a signed sales contract

Tip #2) Maintain a good credit history:

One of the most important parts of getting the loan you need for your next vehicle is maintaining a healthy credit score. Pay your bills on time, stay current on your credit cards, maintain a workable debt load, and you will demonstrate to lenders that you are responsible and capable of paying back an auto loan.

These two tips will not ensure a loan, but they can go a long way towards making sure you have a loan that fits your needs and budget. Other tips and tricks include saving for a large down payment and possibly extending the length of your loan. Both of these can lower your monthly payment and help you secure a loan for a great car.

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Here at McGrath Credit, our customers ALWAYS come first. Our promise to you is to help guide you through a situation that can often times be quite stressful: buying a new or used car! When you work with McGrath Credit, we’ll handle the headaches involved in order to seamlessly move you through our hassle-free process. We work with hundreds of lenders to better serve Eastern Iowa auto shoppers in providing our Credit Approval Guarantee!