Nissan does not require proof of employment for some loans
Nissan has tacitly dropped its proof of work requirement on certain types of credit, according to a letter to dealers. As a sign of optimism in the face of improving economic conditions, the move could make it easier for well-qualified buyers to find funding based on the company’s existing pre-approval process.
In May 2020, Nissan spokesman Dan Passe stated, “NMAC has changed the pre-approval process for these customers and requires proof of employment prior to funding.” Numbers have returned to more normal levels. “
In its letter to dealers, NMAC, the brand’s in-house financing company, cites “the improvement in the general economic conditions” as the main reason. While this does not allow the unemployed to purchase a car, it can make it easier to purchase a vehicle if pre-approved through the lender’s proprietary creditworthiness determination process.
The letter from NMAC noted that evidence may still be required “based on an overall review of the application by a credit analyst”. Examples of proof of employment (POE) include a recent pay slip as well as proof of direct deposit with an employer’s name. The automaker isn’t the only one making changes in funding.
Ford Credit recently lifted its minimum FICO requirement for 84 month loans. While the company continues to use a proprietary formula to make loan approval decisions, it claims the change will allow it to serve a wider range of customers. Unfortunately, those who finance a Nissan will find significantly fewer offers.
While our analysis ranks Nissan among the top brands for bad credit, there have been big changes in promotional offers. Until recently, there were funding discounts called Special APR Cash. Most of these offerings have dried up. Earlier this year, the brand increased its incentives for dealers as buyers took out larger and longer loans.
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