"Can I get a car loan while on workers' comp? "

"I really need to buy a new car. My credit score is excellent and my workers' comp checks are enough to cover the car payment and all of my bills, but my bank told me to wait until I go back to work. Should I wait?

"

Answer
“You are most likely going to be denied by every bank until you go back to work. Workers’ comp payments are not considered income, therefore the banks will not be able to determine your income and structure the loan.
Also, workers’ comp payments can be unreliable and employers will often do everything they can to get out of paying you. If your company pulled a stunt like this after you were to get a loan, you might not be able to afford the payments. This would mess up your financial situation and credit.
Bottom line: you should wait until you go back to work to apply for any car loans. “
avatar
Johnny Puckett
Answered on Apr 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.
thumb-up

Did this answer help you?

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

Have a different question?

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

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies