How do I successfully apply for a car loan if I have no job?

I don't have a job and my car just died. I need a car to get a new job and to run errands for my family. How can I get a car loan without a job?

Answer
Sorry to hear that your car died, but great things are on the horizon! You can still get approved for a car loan—even if you don’t have a job. You just need to meet a few different criteria.
This includes:
  • Making a decent down payment
  • Having strong credit
  • Providing proof of other sources of income
  • Having a debt-to-income ratio of 43% or lower
Shopping around with lenders is the best way to find someone who’s willing to work with you, especially if you meet only some of these criteria.
Credit unions and local banks are two of the best places to start, as they may be more willing to work with you than a national chain. Or if you’re satisfied with your current bank, that may also be a stellar choice.
Once you’re approved for the loan, don’t forget to budget appropriately for other expenses like gas, maintenance, and car insurance. Download the Jerry app to compare quotes from top insurers and find the best rate possible.
Eric Schad
Answered on Oct 20, 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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