"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.”
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
Browse by topics
What others are asking
Does Nationwide cover damage that my pet causes?
Will they cover the damage my dog caused to my furniture? My puppy has chewed up my sofa and the legs on my dining room table! I have had renters insurance with Nationwide for a while and part of the policy covers my property.
Jul 26, 2021
What kind of insurance should I get when renting a car through Budget?
What kind of insurance should I purchase for a rental car? I'm going on a trip to Maine and renting a compact vehicle through Budget.
Jul 23, 2021
How can I pay off the remaining balance on my car loan after I lost my job?
"I have $2,000 left on a car loan, but I'm 45 days late on my payment after losing my job. I don't want them to repossess the car, but I'm not sure what else to do. How can I pay off this remaining balance?"
Jun 14, 2021