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Back Can I Finance a Car Without Having a Job?

Can I Finance a Car Without Having a Job?

There are many valid reasons why someone may not currently, or ever, be employed. What does not having a job have to do with financing a car? There is no way around it, in order to finance a car, you will have to show proof that you have the ability to pay your loan. Not having a job might make it more challenging to get a car loan but it also may have little impact on your ability to finance a car. As every customer has a different financial situation, your specific circumstances will impact the difficulty of getting a loan without a job.

At Team Chrysler, we are dedicated to helping you get into a car you love. We make financing your new Jeep, Ram, Dodge or Chrysler vehicle easier by offering both good and low credit auto financing options. In this article, we will help you understand how you can get a car loan without a job and what factors you may want to keep in mind when applying for an auto loan.

How Can I Finance a Car with No Job?

Show Proof of Other Income – if you don’t have formal employment but have other sources of income, use this to help you get approved for an auto loan. Being self-employed, receiving disability payments, having a trust fund, having money from a structural settlement, receiving spousal support, or even having interest from investments can all count as income and assist you in getting approved for auto financing.

Get a Co-Signer – having a co-signer helps to guarantee that the loan will be paid even if, for whatever reasons, you cannot make your payments. This option can be a burden for your co-signer, but if someone in your life is willing to take on this responsibility and trusts that you will make your payments on time, it can be a good option. This is also an option for student car loans. Be aware that if something goes wrong, you could damage your relationship with your co-signer, so take this seriously.

Have a Large Down Payment – another great option for getting a car loan with no job is to have a large down payment for your car. Not only will this lower the amount of your monthly payments, but it will also help to show your potential lender that you have the ability to pay your loan. This may work best when combined with our other tips such as proving another source of income or having a co-signer.

How Can I Apply for Auto Financing?

When you need an auto loan and don’t have a job, it’s important that you choose a dealership that goes above and beyond to find the right solution for you. At Team Chrysler we are dedicated to helping you get into a car you love with the financing option that suits your needs. Contact us today or apply for auto financing online to get started. We are always here to help.

Categories: Finance, Lower Funnel