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Can I get a car loan application if I'm collecting Social Security?
I want to get a car loan, but I'm currently living on Social Security only. Is it still possible to get approved?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re collecting Social Security, it might still be possible to get a
car loan
. However, Social Security counts as unearned income, which can complicate the process of getting approval.If you have stellar credit, few bills, and receive $2,000 or more in monthly income, you’re likely a great candidate for a car loan.
If you have poor credit, however, the situation gets tougher. To increase your chance of approval with poor credit, you may need to:
- Put down a larger down payment (20%)
- Accept a higher interest rate
- Bring in a cosigner
A higher interest rate will cost you more money in the long run, but if this is the only way for you to get transportation, you may have to make do.
Once you find the vehicle you want, don’t forget about your
car insurance
. As part of the requirements of your loan, you’ll need full coverage
, which will require some budgeting beforehand.To find the best rates from over 50 providers including State Farm, Nationwide, Progressive, and Safeco, just use the
Jerry
app.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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