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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?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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