Why is that? Well it’s because Social Security disability income cannot be garnished.
What does that mean exactly? If you’re on disability income and should your vehicle get repossessed, then the lender is unable to garnish that income to pay off outstanding loan balances. The lenders keep this very much in mind when someone on SSI disability wants to apply for an auto loan.
That isn’t the end for applicants on SSI disability, however. High-risk lenders will still take you into consideration under the right conditions.
One example is if you’re able to prove income that can be garnished. If you have another job and can prove income through a W-2 that helps a great deal. The length of time you’ve been with the job can make a difference as well.
Something else to consider before applying helping your chances is to take a look at your residency. If you’re able to prove long-term residence stability, it can help. You also will want to look into showing your credit problems to be situational rather than habitual. The difference is that situational will be a credit problem as a result of a single problem, such as a medical issue, while habitual is a history of being behind in payment to multiple lenders.
Getting an auto-loan when on disability is tricky. It’s important, more-so than with most borrowers, to know how the system can be influenced in your favor. Thankfully, it is possible with leg-work and proper knowledge.
If you need a hand in getting an auto loan, then contact us at Bayside Chrysler Jeep Dodge. We work every day with people that have poor credit situations and help them get the loan they need that suits their life-style. We love to say yes! We’ll work with you to put you in the car best suited for you. Don’t forget to like and follow us on Facebook as well as Twitter.
Source: Auto Credit Express
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