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Can I get a car loan while on unemployment?
I lost my job and the process of getting a new job has been slow. There are more jobs further away from where I live, but I’ll need a car. To get a car, I’ll need a car loan. Can I get a car loan even while I’m on unemployment?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry to hear that you lost your job. It is possible to get a
car loan
while you are unemployed, although it is difficult. Your chances of being approved will be greater if:
- You have a co-signer with a steady income
- You have a good credit score
- You have alternate forms of monthly income (ex: Social Security, alimony, rental payments, etc.)
- You’re capable of making a large down payment on a car
- You have a low debt-to-income (DTI) ratio
Once you find a loan, you’re also going to be on the hunt for
cheap car insurance
. The Jerry
app is a great place to start. A licensed broker that offers end-to-end support, Jerry gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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