Can I get a car loan if I don't have a bank account?

I want a car loan, but I work construction and get paid under the table. I don't have a bank account, and I don't have the money to pay for the car in full. Can I finance a car without a bank account?

Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You may be able to get a
car loan
without a bank account. However, finding a willing lender—or, more importantly, one that won’t charge you exorbitant amounts of interest—is a bit more difficult.
That’s because the lender perceives you as high risk. 
Without a bank account, the lender has:
  • No knowledge of the money that flows through your account
  • No idea where your income is coming from or going
  • No proof you’re paid regularly since they can’t keep tabs on your cash
Proof of income is a major factor in qualifying for a car loan. So, be wary of dealerships or lenders willing to extend you a loan. The interest rate and terms will probably be pretty harsh.
Instead of trying to get a car loan: You may want to work toward paying your bank charge-off and getting paid in a traditional way instead of under the table. Both of these things will better enable you to get a car loan in the future.
If you still need a set of wheels, consider paying cash for a
used car
. This will provide you with transportation, cost less than a new car/car loan, and allow you to save up some money.
And remember that you still need to budget for car insurance! Luckily, you can shop around with the
app for free. In seconds, you can find the best rate from various providers to ensure you’re not overpaying.
View full answer 
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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