Can you get a car loan if you are unemployed?

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asked Mar 25, 2020 in Buying & Selling by ygradywee (310 points)
Can you get a car loan if you are unemployed?

3 Answers

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answered Mar 25, 2020 by Larry S (42,350 points)
When you're unemployed you can get a car loan but it can be harder to get approved for a car loan when you're unemployed.

If you have social security benefits and have enough income to pay for the car payment on the car loan then you might get approved for the car loan.

You might also need a cosigner to sign the car loan as it can help you get approved for a car loan.

If you are unemployed and have not much or any income then you may not get approved for the car loan because you need money to pay for the car loan.

However if you have other income sources and can make the payment and can provide proof of income to the car loan lender then you may be approved for the car loan.

That is as long as you also have good credit and you should have a credit score of at least 600 and above to get approved for a car loan.
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answered Nov 22, 2020 by Alex9988 (500 points)
edited Nov 23, 2020 by Alex9988

Today there is a great number of loan companies. Some of them don't pay attention to employment, credit score, etc. So, of course, you can get a car loan being unemployed, though the interest rates might be pretty high. In case you can't make the choice, I advise using a loan payments calculator that can help evaluate your capabilities and find out a monthly payment in advance.

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answered Jan 6 by inessa8 (3,260 points)

Taking a loan is not really hard at all. I was using a special trusted service online payday loans colorado where I got money. When I referred to the bank, they refused to give me a credit, so these guys helped me. They provided with all the important service easily and I used to be glad that no documentation were necessary. it was a good point for me in this situation! 

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