Can I get an auto loan if I am unemployed?

Answer by  flamiss22 (5081)

It would be very difficult. Why would someone take the chance on lending you money when you do not have any means of paying it back. Even if you have substantial savings or stocks you may need that money to live on until you are able to get meaningful employment.

Answer by  DougThomas (74)

Yes. Being unemployed is not the same as having no income. In addition to unemployment insurance a lender may consider your dividends, interest, rental, child support or alimony income. The lender may likewise consider your household income or lend to you on the strength of a co-signer (someone who guarantees your loan if you are unable to pay).

Answer by  bonnie56 (359)

When you apply for a loan, you must supply proof of income. If you are unemployed and have no income, then you are not going to be able to get an auto loan. The bank knows that if you are not making any money, then you won't be able to pay back a loan, so they won't give you one.

Answer by  carrots (156)

Credit is tight. If you are unemployed or a student, it would be difficult to find a lender unless someone co-signed for you.