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Can you buy a car if you just started a job?

I just started a new job after being laid off for a few months. However, I need a car to get to my new job, but I also need a car loan to buy one. Can I get a car loan for a vehicle if I just started a new job?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In all likelihood, you can still buy a car if you just started a job, even if you need a
car loan
.
However, whether or not you’re approved for the car loan depends on more than just your employment history—provided you can prove that you’re employed. Other factors in buying a car with a loan include:
  • Your debt-to-income ratio, which is the amount of minimum monthly debt payments you have divided by the current income you make each month. You should be good as long as this ratio is 43% or less.
  • Your credit score, which determines your creditworthiness for the loan.
  • The amount of your down payment, which can help you lower your monthly payments and improve your chances of approval.
If you’re approved, make sure you shop around with lenders to find the best rate. And while you’re shopping around for a car loan, do the same with your
car insurance
 by hopping on the
Jerry
 app.
Jerry is a
trustworthy super app
 and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year.
MORE:
Should you get a 72-month car loan?
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