"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 there are no big items on my credit report such as a house because I have always rented. Does that matter?"

“It does matter to a certain extent, but it probably will not affect your chances of approval. This will likely only have an effect on your interest rate, but if you are a member of a credit union you can probably get a better rate than if you use dealer financing.
Your ability to pay back the loan is going to be the main thing that lender’s will be looking for. So as long as you have some credit and enough income, you should be fine.
Don’t forget to budget for car insurance when considering to purchase a new vehicle. You can use a smart comparison tool like Jerry to shop for the best rates from the top 45 companies.”
Johnny Puckett
Answered on Jul 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free