Can I get a car loan for a Chevy if I don't have a job?

I want to buy a new Chevy Trax because it's one of the more affordable cars out there. But can I get a loan if I don't have a job?

Answer
If you don’t have a job, taking out a car loan for a Chevy Trax may be difficult—but not impossible.
Many lenders don’t like to give car loans to unemployed applicants because unemployment income is temporary. They may worry that once the unemployment checks run out, your payments will stop, and they may classify you as a high-risk applicant.
Some lenders may work with you in certain situations, particularly if you have great credit or another source of income, such as:
  • Social Security
  • Alimony
  • Investments
  • Pension
  • Rental income
You will have a higher chance of securing the loan if you have less other debt. Your debt-to-income ratio has to be at or below 43% to get a loan. Adding a cosigner or co-borrower with a steady income and good credit will also increase your odds of getting approved.
If you’re approved, remember to shop for car insurance, as a full-coverage policy is usually required by lenders. Use the Jerry app to compare quotes from up to 50 top insurers and switch to an affordable policy without a hassle.
Eric Schad
Answered on Oct 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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