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Can you get a car loan if Social Security is your only income?
I just retired from my job, and while I have savings, I want to get a car loan so I don't have to pay a huge amount up front. However, Social Security is currently my only source of income. Can I still get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your recent retirement! I’m happy to say that you may qualify for a
car loan
, even if your only source of income is Social Security.Creditors can’t garnish Social Security income if you default on the loan, which makes some lenders apprehensive—and can make it tougher to get a car loan with Social Security alone. However, if you have great credit, this shouldn’t be much of an issue! Moreover, if you have a low debt-to-income ratio, the loan may get approved in no time at all.
Your loan will require full coverage car insurance, so make sure to budget for this accordingly! Since you may be on a fixed income, you should shop around for the best deal on your coverage in order to save money. You can do this easily with the
Jerry
app—we’ll get you customized quotes from top-of-the-line insurers in seconds, so that all you have to do is pick the plan that works best for you.Best of luck with the loan, and enjoy your retirement!
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- Gregory R.
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