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Can I refinance my car if I don't have a job?
I'm looking to save money any way I can, as I lost my job, and I'm thinking about refinancing my car. However, I'm not sure if I can do that without a job—so can I still refinance my car if I'm unemployed?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your job loss. But with a new
car loan
refinance, you can hopefully save money to weather the storm! If you’re relying solely on unemployment income to refinance your car, a loan with a decent interest rate isn’t likely—but here are some other factors that may help get you approved:- You have other sources of income
- You have a debt-to-income ratio of 43% or less
- You have great credit
- You have a cosigner
If you can have a combination of these factors, you can probably garner consideration for a car loan!
If you’re looking to save money, you may want to also take a look at your car insurance policy, especially if you feel like you’re paying too much. One easy way to do this is through the
Jerry
app—we’ll get you personalized quotes from top providers in seconds, so all you have to do is choose the plan you prefer! (And once you’ve chosen one, we’ll even help you switch!)Best of luck with the refinance, and hope things look up soon!
View full answer
- Gregory R.
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