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Can you get a car loan if Social Security is your only income?
I want to buy a new vehicle to celebrate my retirement, but I haven’t saved up enough to buy it upfront. Can I get a car loan if Social Security is my only source of income?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your recent retirement!
Yes. You’ll still be able to get a
car loan
if Social Security is your only source of income—however, creditors won’t be able to garnish your Social Security income if you default on the loan
, which will make some lenders apprehensive about approving your application.Lenders will be more inclined to approve your car loan with Social Security if you have both:
- A low debt-to-income ratio
Keep in mind: You’ll likely be required to purchase a
full coverage car insurance policy
for your financed car, so make sure to budget accordingly. Compare quotes from three to five providers or use the Jerry
app to instantly compare customized quotes from over 50 top providers.View full answer
- Gregory R.
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