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"Can I get a car loan if I rent a house? "
"I need to buy a car but don’t know if I would qualify for a car loan. I have good credit, about a year or two of credit history, and there are no big items on my credit report such as a house because I have always rented. Does that matter?"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It does matter to a certain extent, but it probably will not affect your chances of approval. This will likely only have an effect on your interest rate, but if you are a member of a credit union you can probably get a better rate than if you use dealer financing.
Your ability to pay back the loan is going to be the main thing that lender’s will be looking for. So as long as you have some credit and enough income, you should be fine.
Don’t forget to budget for car insurance when considering to purchase a new vehicle. You can use a smart comparison tool like
Jerry
to shop for the best rates from the top 45 companies.” View full answer
- Gregory R.
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