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Is there any way to get a car loan with no income?
I'm currently unemployed and have little income, but I want to get a car to find a job. Can I get a car loan if I have no income?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In general, lenders will not approve you for a
car loan
if you have no income. Unemployment income can’t be used as earnings on a car loan, and—unless you have other sources of income—you won’t be approved.The reason that lenders won’t approve your application is that you don’t demonstrate the financial means to make payments. This puts you in a high-risk category and more likely to default on your loan.
While subprime lenders and
buy here pay here
dealerships may be willing to work with you, these businesses have an unsavory reputation of predatory lending practices. Tread lightly around these lenders and always look at the interest rate before you sign a loan.As an alternative, you might be able to buy a cheap car with cash to get you to job interviews. Or, you can take public transportation or a bicycle until you have the money to purchase a vehicle.
If you have the funds to purchase an affordable car, don’t forget to budget for car insurance. Use the
Jerry
app to compare car insurance rates to get the insurance you need at the best price possible.View full answer
- Gregory R.
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