Can you get approved for a car loan while on unemployment?

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asked Apr 26, 2018 in Buying & Selling by piseman (340 points)
Can you get approved for a car loan while on unemployment?

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answered Apr 26, 2018 by Judy (36,670 points)
It would depend on the car dealership and the company who is actually doing the financing for the auto loan.

I've heard of some people getting approved for an auto loan while on unemployment while others were not able to get approved for the car loan without being employed.

You should be able to get approved for an auto loan while on unemployment if you can get someone to cosign the auto loan with you while you're seeking employment.

You can go speak with a car dealership to see if they can get you approved while on unemployment as some car dealerships can get the auto loan approved for you while on unemployment while others can't.

You'll need to have good credit and likely a down payment to finance the car and having a previous work history could help you with your car loan approval.

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