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Can I get a car loan if I'm on disability?
I'm currently receiving Social Security disability income. My car just died, so now I need a new one. Can I get a loan for a new car if I'm on disability?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can get a
car loan
if you’re on disability! Unlike regular Social Security retirement income, you have no stipulations or limits since you’re earning Social Security Disability Income (aka SSDI).The loan process is exactly the same as it would be otherwise. The lender will look at your income, credit, and debt-to-income ratio. Generally speaking, you need to earn at least $1,500 a month, have a credit score above 660, and possess a debt-to-income ratio below 43% to qualify.
If you meet these qualifications, start shopping lenders! The more you shop around, the better the chance that you find a great rate for your car loan.
Make sure to do the same with your car insurance. You’ll be required to have
full coverage
while you owe on the loan, so comparing competitive rates can help you save thousands of dollars.Check out the
Jerry
app to make car insurance shopping quick and easy. Jerry gathers quotes from up to 50 top insurers in minutes and delivers the best deals straight to you. The average Jerry user saves $879 a year on their policy.View full answer
- Gregory R.
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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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