What are my odds of getting a car loan if I'm unemployed?

I really need to get a car loan, but I recently lost my job. Can I still get a car loan if I'm unemployed?

Answer
I’m sorry to hear about your job situation. While it is difficult, you may still be able to get a car loan while you’re unemployed.
Your odds of getting a car loan will be higher if:
  • You have great credit
  • You have other sources of income
  • You can make a down payment in the neighborhood of 10% to 20%
If you get declined for a car loan, you may want to consider buying a reliable used car with cash.
Whether you get approved or you buy a car with cash, make sure to save money on your auto insurance. With the Jerry app, you can compare quotes from over 45 insurers and find the best rate for your coverage needs.
Eric Schad
Answered on Nov 03, 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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