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Can I get a car loan if my only income is unemployment benefits?
I'm applying for jobs after I was laid off. I haven't found one yet, but most of the jobs available would require a car. In order to get one, I would need a loan—but my only income at the moment is unemployment. Can I still get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your job loss, but I’m glad the situation looks like it’s improving! And as far as a
car loan
in your scenario, you do have a few options to gain approval. While these aren’t guarantees, here’s what you need to make your application more attractive:- Other sources of income if you have them
- Good credit
- A cosigner with good credit
- A sizable down payment
Having some or all of these can make you an excellent candidate for a car loan!
Remember that you’ll also need to budget for full coverage car insurance, as it’s a requirement of all financed vehicles. One easy way to get the best deal on full coverage is through the
Jerry
app—we’ll get you customized quotes from top-of-the-line providers so that all you have to do is pick the policy that works best for you!Good luck with everything, and hopefully your employment situation looks up soon!
View full answer
- Gregory R.
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