Can I get a car loan if I'm on disability?

I'm currently receiving Social Security disability income. My car just died, so now I need a new one. Can I get a loan for a new car if I'm on disability?

Answer
Yes, you can get a car loan if you’re on disability! Unlike regular Social Security retirement income, you have no stipulations or limits since you’re earning Social Security Disability Income (aka SSDI).
The loan process is exactly the same as it would be otherwise. The lender will look at your income, credit, and debt-to-income ratio. Generally speaking, you need to earn at least $1,500 a month, have a credit score above 660, and possess a debt-to-income ratio below 43% to qualify.
If you meet these qualifications, start shopping lenders! The more you shop around, the better the chance that you find a great rate for your car loan.
Make sure to do the same with your car insurance. You’ll be required to have full coverage while you owe on the loan, so comparing competitive rates can help you save thousands of dollars.
Check out the Jerry app to make car insurance shopping quick and easy. Jerry gathers quotes from up to 50 top insurers in minutes and delivers the best deals straight to you. The average Jerry user saves $879 a year on their policy.
Eric Schad
Answered on Dec 06, 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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