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Do you have to have a job to get approved for a car loan?

I was laid off from my job about six months ago. I didn't have a car while I was employed, since I lived within walking distance. Luckily, I have several job prospects now—but they all would require me to get a car. Can I get approved for a car loan with no job?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Glad to hear you have some job prospects going! As far as getting a
car loan
without a job, it’s possible if you work with the right lender.
Without a job, getting the loan is a bit more tricky, but if you meet the following criteria, you may still earn approval:
  • Have other forms of income, such as rental income, investments, alimony, etc.
  • Good credit
  • Possibly a cosigner
  • A debt-to-income ratio of 43% or lower
  • A down payment—the larger, the better
Depending on your lender, you may have to have all of these attributes or just a few of them. Shop around to see what each lender is willing to do!
Don’t forget that you’ll also need
car insurance
for the loan, and that lenders will require you to take out a full coverage policy.
To get the best deal on your coverage, try shopping around with
Jerry
! We’ll get you personalized quotes from top providers, so that all you have to do is choose the plan that works best for you. (And once you’ve picked one, we’ll even help you switch over!)
Best of luck with the loan, and congrats again on the new job prospects!
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