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How do I buy a car if I'm unemployed?
I lost my job during the pandemic. In order to find a new job, I'll need reliable transportation. Can I buy a car without a job?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“We got this question a lot during the pandemic, so you definitely aren’t alone. Luckily, you may still be able to buy a car if you’re unemployed.
To qualify for a
car loan
without a job, you’ll likely need to have other sources of income, a good credit score, and/or a co-signer.First, the bank will ask if you have any income—and they don’t just mean from a W-2 job. Income can come in the form of:
- Pension
- Social Security
- Alimony
- Rental property income
Besides that, your credit score is factored in to getting approved for a loan. It also helps determine your interest rate.
A low score doesn’t mean you are out of luck, though. Try to get pre-approved for a loan before heading to the dealership to get a better idea of your financial situation.
Lastly, a co-signer with a solid income and good credit history may also help you qualify for financing. However, keep in mind that missing payments could negatively impact both of your credit scores.
Losing a job can be stressful. If you’re looking for other ways to save money until you get back on your feet, consider using
Jerry
to find low-cost car insurance. The Jerry app will generate competitive quotes from over 50 of the nation’s leading providers in minutes, so you can shop around for the best deals quickly and easily.Happy car buying!”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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