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Can I get a cheap car loan if my only income is unemployment?
I was laid off from my job and my car died a few days ago. I need a car to look for jobs. Can I still get a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your current situation, but hopefully you can find a solution to get you back on the road!
Unfortunately, most lenders will not approve a
car loan
for someone who only has unemployment income. Unemployment income is temporary, so lenders are leery of extending a loan to a person without consistent income.However, you have another option. If you just need a small loan to get a car, you may want to consider a personal loan, also known as a signature loan. If you have solid credit and unemployment income, you might be able to get a loan for a few thousand dollars. This should provide you with enough money to buy a decent used car.
Make sure that you also budget for car insurance when you buy the car by shopping quotes for liability insurance. Use the
Jerry
app to compare quotes so you’re always getting the best rate possible. The average Jerry user saves $879 per year on car insurance!More: 7 things to look for when buying a used car
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- Gregory R.
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