There are ways to get a car if you do not have a job. Although you may have to pay higher interest rates and will most likely be considered a high-risk loan; it is possible to get car with no job.
When it comes time to get a car with no job, your individual circumstances will play a large roll in getting the bank to say yes. Whether or not you can get a loan depends if you have the monthly income to cover your other expenses along with the loan payment.
Some factors that may make the difference are if you are on social security, disability, receive child support payments or have other passive income. If this is your case you could get a car as long as your credit report supports your income to debt ratios.
Another factor is your credit score. If you have maintained a high credit score and can prove a steady monthly income, chances are you can get a car without a job.
Where it may be more difficult to get a car loan without a job is if you have poor credit. Poor credit on top of a job loss will cause the lender to be weary of lending you money to get a car. This would put you in a high-risk category where the lender is concerned.
In this case, if you were to get a loan for a car, your interest rate would be higher and cause you to pay more money over the term of the loan. You could see interest rates as high as 19 or 25 percent. There may be additional fees on top of the higher interest, meaning more money out of your pocket.
In this case, there are a couple things that you could do to help get a car without a job. First, you could save money so that you can approach the dealer with a substantial down payment. This will show a lender that you are more apt to adhere to the loan and its terms.
Another thing you could do is to have a co-signer sign the car loan with you. The co-signer assumes the responsibility to pay the loan should you default in any way.
When considering a co-signer you will want to make sure the person has a high credit score. They will also need enough income to support the debt to income ratio. This is the number calculated by the debt going out of pocket to the person's income each month.
There are a few ways that you could get a car without a job. Take the time to figure out what best suits you and your circumstances. This could save you money and help get you into a car.
By Mike Reitz
When it comes time to get a car with no job, your individual circumstances will play a large roll in getting the bank to say yes. Whether or not you can get a loan depends if you have the monthly income to cover your other expenses along with the loan payment.
Some factors that may make the difference are if you are on social security, disability, receive child support payments or have other passive income. If this is your case you could get a car as long as your credit report supports your income to debt ratios.
Another factor is your credit score. If you have maintained a high credit score and can prove a steady monthly income, chances are you can get a car without a job.
Where it may be more difficult to get a car loan without a job is if you have poor credit. Poor credit on top of a job loss will cause the lender to be weary of lending you money to get a car. This would put you in a high-risk category where the lender is concerned.
In this case, if you were to get a loan for a car, your interest rate would be higher and cause you to pay more money over the term of the loan. You could see interest rates as high as 19 or 25 percent. There may be additional fees on top of the higher interest, meaning more money out of your pocket.
In this case, there are a couple things that you could do to help get a car without a job. First, you could save money so that you can approach the dealer with a substantial down payment. This will show a lender that you are more apt to adhere to the loan and its terms.
Another thing you could do is to have a co-signer sign the car loan with you. The co-signer assumes the responsibility to pay the loan should you default in any way.
When considering a co-signer you will want to make sure the person has a high credit score. They will also need enough income to support the debt to income ratio. This is the number calculated by the debt going out of pocket to the person's income each month.
There are a few ways that you could get a car without a job. Take the time to figure out what best suits you and your circumstances. This could save you money and help get you into a car.
By Mike Reitz
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