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

I want to get a car loan, but I work construction and get paid under the table. I don't have a bank account either because my previous account was charged off and I don't have the money to pay the debt. Can I finance a car without a bank account?

Answer
You might 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 that are 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 Jerry app for free. Sign up in 45 seconds and Jerry will gather competitive quotes from the top 50 name-brand insurance companies so you can find a policy and price that work for you.
Eric Schad
Answered on Nov 15, 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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