Purchasing a Vehicle – With Only a Contract of Employment?

Please let me know if this situation lends itself at all to purchasing a new or used vehicle…

I have horrible credit. However, I currently have accepted a position as a teacher within the state of West Virginia and have a copy of my employment contract which details my salary.

What are the chances of being able to independently purchase a new or used vehicle solely based on having my contract as proof of future salary (i.e. not having say 60-90 days worth of pay stubs, etc.)?

Please let me know!

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This entry was posted on Wednesday, August 25th, 2010 at 11:21 am and is filed under family solicitor. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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4 Responses to “Purchasing a Vehicle – With Only a Contract of Employment?”

  1. Jack Says:
    August 25th, 2010 at 11:22 am

    Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net

  2. alfredb1979 Says:
    August 25th, 2010 at 11:22 am

    You have no chance!

    I will assume you have little saved up to buy a car outright, but in any event, you can be laid off before you even start and a lender is out of luck because they approved you based on potential.

    Like former Houston Oilers coach Bum Phillips said, "Potential means you haven’t done jack squat" or something to that extent.

  3. n Says:
    August 25th, 2010 at 11:22 am

    You can buy a $1500 car with $1500 down.

    Or a $300 car for $300 down.

    Or maybe a $10,000 car with $7000 down. (And owe $6000+ more + interest)

    You credit means FAR more than an employment contract.

    Anyone willing to finance you would require a down payment worth as much as the car.

    You simply cannot borrow on anything near decent terms unless you have a cosigner with pristine credit who will be willing to pay if & when you dont.
    You have proven you don’t pay your bills.

  4. Scott H Says:
    August 25th, 2010 at 11:22 am

    You need to prove income, and that’s done with either pay stubs or W2’s in some cases. You haven’t earned a dime from your contract.