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Can I get a car loan with only unemployment income?

I'm currently unemployed, but I get unemployment income. Can I get a car loan with unemployment as my only source of income?

Eric Schad · Updated on Jul 20, 2022

Reviewed by Shannon Martin, Licensed Insurance Agent.

Sorry to hear that you lost your job! Hopefully, things will get better soon.

As far as getting a

, the likelihood of a lender approving you is highly unlikely. Because unemployment income is temporary and runs out after a certain amount of time, lenders don’t consider it verifiable or steady income.

The best plan of action is to save a little bit of money from your check each week if possible. Then, use this money to buy a decent

.

Alternatively, you can wait to get a car loan once you have a job and steadily save money over three to six months. Lenders will require you to show them at least three to six months of income depending on your credit score.

Whichever avenue you choose to take, make sure that you also budget and shop around for car insurance. The

app takes just minutes to sign up on and you can get quotes from over 50 insurers for the coverage you require.

MORE:

11 car insurance hacks to save you money

View full answer

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