How do you get a car loan with unearned income?

The majority of my income comes from my spouse and child support payments from my ex-husband. Can I still get a car loan for a new car?

Answer
“Yes, you can still apply for a car loan using unearned income, but you may have to do so with a co-signer, such as your current spouse.
If your spouse co-signs, their income will be added to yours to help you qualify for the loan. If you can also provide documentation for your child support payments to the lender, this will help verify that you have the assets necessary to make loan payments.
Ultimately, the more proof you show the lender that you can make regular payments on a car loan, the more likely you are to get approved.
Don’t forget that when you buy a new car, the lender will require comprehensive and collision coverage for your financed vehicle. These can be expensive but they don’t have to break the bank. By comparing rates with a number of companies, you can find cheap rates. Use the free Jerry app to make comparing rates easy. Jerry will compare rates from the top 50 companies and send the best deals to your phone in minutes.”
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Sophie Newman
Answered on Aug 09, 2021
Sophie Newman is a writer from California. Her hobbies include brewing her own kombucha, riding horses, and taking long road trips.
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