Most car dealerships will call your job to verify your employment. They may also call your references to verify your character. The questions they ask may vary but they will typically ask about your job title salary and work schedule. They may also ask about your ability to make payments on time. If you have any concerns about the questions they are asking you should ask to speak to a manager.
Do car dealerships call your job to verify employment?
Car dealerships may call your job to verify employment as part of the process of approving a car loan.
Do all car dealerships call your job to verify employment?
Not all car dealerships will call your job to verify employment.
Some may instead choose to verify employment through other means such as a pay stub or tax return.
How do most car dealerships verify employment?
Car dealerships typically verify employment by calling the human resources department at the borrower’s place of employment.
How long does it usually take for a car dealership to verify employment?
The length of time it takes for a car dealership to verify employment will vary depending on the dealership’s policies and procedures.
Why do car dealerships need to verify employment?
Car dealerships need to verify employment to help assess the risk of lending money to a particular borrower.
Can a car dealership verify employment without the borrower’s permission?
Yes a car dealership can verify employment without the borrower’s permission.
Will a car dealership always verify employment?
No a car dealership will not always verify employment.
In some cases the dealership may decide to forego this step if the borrower has other means of demonstrating their ability to repay the loan.
What other information do car dealerships typically collect when approving a loan?
Car dealerships typically collect information such as the borrower’s name address date of birth Social Security number and employment history.
How does collecting this information help the dealership assess the risk of lending money to a particular borrower?
This information helps the dealership assess the risk of lending money to a particular borrower by allowing them to run a credit check and verify the borrower’s identity.
Do all car dealerships require a credit check?
Yes all car dealerships require a credit check as part of the process of approving a car loan.
What is a credit check?
A credit check is a review of a borrower’s credit history.
How does a credit check help a dealership assess the risk of lending money to a particular borrower?
A credit check helps a dealership assess the risk of lending money to a particular borrower by allowing them to see the borrower’s history of loan repayment.
Do all car dealerships require a down payment?
No not all car dealerships require a down payment.
How does a down payment help a dealership assess the risk of lending money to a particular borrower?
A down payment helps a dealership assess the risk of lending money to a particular borrower because it shows that the borrower has some skin in the game and is more likely to repay the loan.
What other factors do car dealerships consider when approving a loan?
Car dealerships also consider factors such as the borrower’s income debts and assets when approving a loan.
