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How to finance a car with no job?
Is there any way to finance a car with no job? I lost my job so I'd like to refinance my car, but I'm afraid nobody will help me refinance because I lost my job. Can I still refinance my car while unemployed?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a really good question. While you will usually not be able to refinance a car if you don’t have a job, there are exceptions!
If you have a new job offer, some lenders will actually consider a signed contract or letter of employment when deciding whether or not to help you refinance.
If you don’t have a job offer, however, your best option may be to ask a close friend or family member to co-sign your loan. Without a steady income, lenders have no guarantee you’ll be able to pay them back. But having someone co-sign means that they’ll consider an additional person’s assets and income when assessing your request.
Typically, anyone co-signing your lease should have:
- A strong credit history
- Steady employment
- A permanent address
While there’s no guarantee you’ll
get a loan
, you can give yourself a better chance by finding the right lender. You can also help improve your chances by saving money in other areas, like your car insurance. If you want to make sure you’re getting the best deal on your coverage, check out the
Jerry
app. We’ll get you customized quotes from top providers in seconds, so that all you need to do is pick the plan that works best for you. And once you pick one, we’ll even help you switch!Best of luck with the refinance—you’ve got this!
View full answer
- Gregory R.
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