If there is one thing I don’t need to remind people of, it is that the economy is still not the best. Yes, we are in recovery, but it is a slow one. Because of that, many people are still struggling to find employment. Those same people also still need vehicles. So, is it possible to get an auto loan while on unemployment?
There’s really no easy answer to that broad question I just so happened to ask. An easy answer is yes, you can get an auto loan with the only source of income being unemployment. However, as with all things, some nuance is needed to be completely honest.
Unemployment is not the kiss of death to someone’s credit. It is very possible to be receiving benefits while still maintaining a high credit score. With a high credit score factored into the credit check, it does raise the possibility of being accepted for an auto loan.
The best way to ensure you can get an auto loan, regardless of being on benefits, is being able to show the ability to pay back a loan. That’s really what dealerships are looking for, knowledge that you’re good for it. So ask yourself a question, are you only receiving income from unemployment benefits? How about social security or child support? Any alternative source of income can help your chances in proving that you’re capable of maintaining monthly payments.
It is more than possible to get an auto loan while on unemployment; it just means that you need to be acutely aware of your finances. Granted anyone looking to apply for an auto loan should be aware of these things, it just becomes that much more of a necessity to increase your chance of getting an auto loan.
Have any more questions about the subject? Contact a sales rep at Bayside Chrysler Jeep Dodge and they will work you through the process to acquiring an auto loan for the right new or used car. Be sure to like us on Facebook and to follow us on Twitter for more tips and special monthly offers.
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