How can I get a car loan for a Hyundai if I'm unemployed?

I've been unemployed for about a year, but my job prospects look good. The only problem is that I need a car to get to my future job options. Can I still get a car loan?

Answer
That’s great news that you have some job prospects!
Most lenders won’t approve you for a car loan when you’re unemployed, but it’s not impossible. Here are some possible ways you may qualify:
  • You make a sizable down payment
  • You find a cosigner
  • You have good credit
  • You work with lenders that specialize in loans for low-income or unemployed people
Lenders may also give you a loan if you have an additional income stream, such as investment income, rental income, or any other type of income.
If you’re approved for a car loan, make sure to live within your means and budget for car insurance. With the Jerry app, you can compare quotes from dozens of insurers to get the best rate. Average Jerry users save $879 per year on car insurance.
Eric Schad
Answered on Oct 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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