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Can I get approved for a car loan if I don't have a job?
I was laid off from a job and I'm looking for a new one. Unfortunately, my car just died—and I need one in order to get a job. Can I get a car loan even though I'm unemployed?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your job, but hopefully things are on the up and up! The good news is that you don’t necessarily have to be employed to get a
car loan
. Instead, you may qualify if you can meet some or all of this criteria:- Good to great credit
- Large down payment
- Debt-to-income ratio at 43% or lower
- Other sources of income, such as Social Security, rental income, or investments.
If you have any or all of these qualifications, the next step is to shop around with lenders. Local banks and credit unions may be a great option, as well as any bank that you’ve established a long-term relationship with. Because they know you personally, they’re more likely to work with you on your loan.
When you get the car loan, remember that you also need full coverage car insurance. To get the best rate and save even more money, use the
Jerry
—we’ll get you customized quotes from top insurers so that all you have to do is pick the plan that works best for you!Best of luck with the loan and the job hunt!
View full answer
- Gregory R.
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