When trying to go for car financing without a job it will need a down payment.
Some lenders will require a down payment of 30% or more before granting a loan to someone who is unemployed however.
So be prepared to pay a little more for the down payment if you do not have a job or a regular source of income.
Can you finance a car if you are unemployed?
Getting An Unemployed Car Loan. When you don’t have any source of income at all, you won’t be able to get a car loan while unemployed. However, there’s lots of ways you can show the lender that you have the income to make car loan repayments. As long as you can demonstrate this, you’ll be able to get a loan.
How can I finance a car without proof of income?
When you apply for a car loan, most lenders require proof of income. If you are unable to provide that evidence because you don’t have a job or are self-employed, your options are somewhat limited. However, it is still possible to buy a car even if you don’t have proof of income when you follow some specific steps.
Can a college student get a car loan with no job?
It is common for first time car buyer to be either a college student or someone having no credit history. One of the factors that could help you to get fast approved for car loans for students with no job is a cosigner having good credit history.
Photo in the article by “Wikimedia Commons”