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Can I get a car loan if I rent a house?
I need to buy a car but don’t know if I would qualify for a car loan. I have good credit, about a year or two of credit history, and no big items on my credit report such as a house because I have always rented. Does that matter?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It does matter to a certain extent, but it probably will not affect your chances of approval. This will likely only affect your interest rate, but if you are a credit union member, you can probably get a better rate than if you use dealer financing.
Your ability to repay the loan will be the main thing that any lender will look for, so your credit score is important. Things like your income and if you have other existing debt will also be considered. So as long as you have some credit and enough income, you should be fine.
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- Gregory R.
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