We’ve been using the tagline “Where Your Job Is Your Credit” since 1988, when it was first incorporated into our jingle. The slogan has both literal meaning and a lot of additional implications built in.
To understand the importance our slogan, it’s first necessary to understand how most auto dealerships and financing companies determine whether you qualify for an auto loan.
Generally, most dealerships will use your credit score to determine whether you qualify for vehicle financing. Your credit score will also be the main factor influencing the interest rates you’re eligible to receive.
There are a lot of people who simply don’t qualify for an auto loan under that system. People with less than perfect credit might technically qualify for some loans, but they will be charged extraordinarily high interest rates.
Under that system, a lot of people in Baltimore, Washington D.C. and throughout Maryland simply can’t get a pre-owned vehicle.
Easterns Automotive Thinks Credit Tracking Is Unfair
Credit tracking agencies don’t have a crystal ball that tells them who you are as a person. You’re reliability and risk shouldn’t be solely defined by an algorithm. People are complicated, and a handful of bad financial decisions or unfortunate circ*mstances that were outside of your control shouldn’t disqualify you from owning a vehicle.
“Where you’re job is your credit” essentially means we take into consideration factors beyond your credit score when determining credit worthiness and interest rates. Do you have a job? Have you been working at the same place and dutifully making utility and rent payments for years? Those things are indicative of a person who can likely be trusted to make car payments.
We don’t live in the past – our team will look at where you’re at financially today instead of letting problems in the past dictate whether or not you should be able to purchase a vehicle.
The Vicious, Cruel Cycle of a World Run by Credit Scores
Lenders of all types, from mortgage lenders to credit card companies, sometimes lock people with bad credit into a permanent downward spiral.
Not being able to qualify for an auto loan may prevent you from purchasing a car, which ultimately limits the geographic area in which you can find a job.
A lack of transportation could also prevent you from traveling for school to continue your education. Being unable to pursue higher education may further limit your job prospects and make it harder for you to improve your credit.
The inability to qualify for a mortgage can similarly disenfranchise people with bad credit. Not only does having a mortgage and paying it on time improve your credit, but real estate is often a big investment that greatly appreciates over time. Owning property can truly change lives, especially when home values can increase exponentially in a single lifetime and insulate owners from inflation.
Bad credit can unfairly lock people out of those opportunities.
How Easterns Automotive Helps Change Things
We’ve prioritized fairness and opportunity by having different priorities than many other dealerships:
- Every staff member is trained to understand that less-than-perfect credit doesn’t disqualify any customer from getting an auto loan from Easterns Automotive
- Our team is specially trained to find solutions for every customer in need of a vehicle
- We never make assumptions about our customers based on a rating assigned by a credit agency that doesn’t know them
- Easterns Automotive goes above and beyond to find some type of competitive financing option that will get every customer into a reliable vehicle
- We’re committed to the idea that “bad credit” should never bar a person from having the transportation they need to get to work, drive to school or run errands
Being Part of the Solution for Car Shoppers in Washington D.C. and Baltimore
Every person deserves a chance to repair their credit, but that can be difficult to do if you can’t qualify for any kind of financing. Easterns Automotive understands that a credit score is not the only measure of risk. Having a job, working hard and being a reliable person means more than your credit score, which is why we still stand behind our slogan – Where Your Job Is Your Credit.
If you want to find out what kind of auto loan you might qualify for or you just need to find a reliable preowned car, truck or SUV in the Washington D.C. or Baltimore area, Easterns Automotive can help.
Visit one of our eight dealerships, browse our inventory online or give us a call at (877) 867-3619. We’d be happy to discuss some of your auto loan options.
FAQs
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
What is the lowest credit score to buy a car? ›
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
What credit score do you need to get 0% interest on a car? ›
Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.
Can you buy a car without them running your credit? ›
The good news is there are lenders that specialize in lending to people who have no credit or bad credit. But while you won't need an established credit history to apply, you may need to prove that you have a steady source of income to show that you can make your payments on time.
What does "your job is your credit" mean? ›
Many dealers also advertise themselves as “Your job is your credit” car dealerships. Both terms mean you can qualify for a car loan with bad credit or no credit. The requirements of each dealership vary. But approval is generally based on whether you earn a sufficient income and can make the down payment.
What credit score do I need to buy a $20000 car? ›
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
How bad is a 502 credit score? ›
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 502 FICO® Score is significantly below the average credit score.
What credit score do auto lenders use? ›
The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage.
What FICO score do car dealers use? ›
The score range for the Auto Score is 250-900 (instead of the traditional 300-850). FICO promotes that Auto Score will help dealerships and lending institutions in five distinct ways: Increase regulatory compliance.
What credit score does Toyota use? ›
Toyota Financial Services requires you to have a score of at least 610 to qualify for an auto loan. And to nab Toyota's 0.00% interest deal (if it's available), you must have a credit score of at least 690.
What credit score is needed to buy a car without a cosigner? People with prime credit scores of 661 or higher likely don't need an auto loan cosigner.
How fast can you build credit? ›
At-A-Glance. Having good credit means having a good credit history. History isn't instant. If you haven't used credit before, it usually takes at least six months to generate a credit score – and longer to earn a good or excellent score.
Is it better to have no credit or bad credit when buying a car? ›
While credit is usually required to get an auto loan, it's still possible to buy a car with no credit. However, your loan options will be limited. Keep in mind, though, that having no credit is better than having a bad credit history.
Is it legal for a job to run your credit? ›
California is one of the states that limit the circ*mstances in which employers may use credit reports in making employment decisions. California law requires employers to give notice if they plan to check credit reports, and again if they plan to use the information in the report as the basis for a negative employment ...
Does a job increase credit score? ›
Having a job doesn't increase your credit score, or directly impact your score at all. Neither does losing your job. But your employment and income can affect your ability to access credit since lenders consider this information when deciding whether to extend credit to you.
Is it normal for a job to run your credit? ›
According to a 2018 HR.com report sponsored by the National Association of Background Screeners (NABS), 95% of companies conduct some type of background check on potential employees — 16% pull credit or financial checks on all job candidates and almost one-third do credit checks on some candidates.
Can I buy a car with a 500 credit score? ›
Though the options can feel limited at times, there is no specific score required to receive a car loan, so possibilities exist for any credit score. That said, there may be fewer options available, and the terms may be less appealing if your score is on the lower end.
Is 500 credit score enough to buy a car? ›
Yes, it is possible to get a car loan with a credit score of 500, but it can be infinitely more challenging to find a lender willing to approve the loan. A credit score of 500 is considered poor credit, and lenders will likely see you as a higher risk borrower.
Can I get a car with credit score of 580? ›
With a bad credit score, you'll likely be offered some of the highest advertised rates. According to data from Experian, borrowers in the subprime category (a FICO score between 501 and 600) can expect an average rate of 12.28 percent for new cars and 18.89 percent for used cars.
Can you get a car loan with a 550 credit score? ›
Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.
