Getting a car loan without a job can be done under various circumstances. Most companies that offer loans to people who are out of work will want to protect their investment by looking at criteria such as your credit history,l credit score, and current assets. It is important to speak to different lenders and take your time to find one who offers terms with which you feel comfortable.
Prove you can meet the monthly car loan payments. Borrowers who are not currently employed may be able to pay for their monthly debt obligations by using funds from a savings account, unemployment benefits, or money received as a result of being injured while on a previous job. If you can demonstrate you can pay your car loan, you stand a better shot of securing one.
Submit to a credit check. Any lender will want to see what type of credit risk you pose as a potential borrower. Borrowers who have an excellent track record of making payments on time, have little debt, and whose credit cards are below their limits are seen as better candidates for a car loan.
Show the lender you are not moving any time soon. Borrowers who have lived at a certain location for at least two years appear to be less of a risk. Keep in mind that banks may also want to know your prior addresses.
Put a larger sum of cash towards your auto purchase. Lenders prefer when you place more of your own funds in an auto loan transaction because it shows you are not likely to default on your payments. When you have money invested in the deal, you can lose that cash if you stop paying your loan.
Find another party to sign your loan application. If you have a family member or friend who wants to help you out by placing their name on your car loan application, this enhances your chances of securing a loan. However, this person must be prepared to come up with your monthly payments if you skip any.