Auto loan with bad credit and on unemployment?
I'm currently looking into purchasing a used car no more than 5000. I am on unemployment and getting about 1800 a month from that. What do you think the chances are of getting financed on unemployment??
Public Comments
- I would think that a lender wouldn't like to see unemployment as a source of income. Regardless, if you have "bad credit" then that will be your biggest challenge to overcome.
- Pretty good if you want to buy a $5000 car and pay $10000 in the end. Save your money and buy a clunker till you get a job.
- I doubt you will get approved for an auto loan, even though it's so small. You should definitely start with getting a job, then start building your credit via secured credit cards. In the mean time, just by a junk car for now to take you from point A to B.
- There are many auto loan options available today. Today, stiff competition among auto loan financing companies<!--has made it possible to get a car loan or an auto loan at favorable terms. http://best-loans.awardspace.com/autoloans.htm However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car-->finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
- Yea with bad credit you can get a auto loan. Your interest rate will be high though. But unemployed? At a minimum you have to be able to prove you can pay for the life of the auto loan. Unless I'm mistaken unemployment does not last indefinitely. Save a little to pay cash for a vehicle look for something older that is reliable and around $500. And get a J O B
- I don't know if this will help, but it sounds like it could. It doesn't hurt to check it out. http://get-that-no-credit-loan.blogspot.com/
* Some answers may have been provided by Yahoo! Answers.