How to Get a Car Loan without a Job

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Even with poor credit.

November 9, 2016

It may not be easy to get approved for a car loan without a job. But there are ways to do it. Having good credit will help in this area as in many others.

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There are several means of income that are not job related which can be used when trying to get a car loan. If you can prove that you can pay for the loan, the car loan will be approved. The income that is accepted can be almost anything from Social Security, interest payments, court ordered child support, disability, pensions and Veteran's benefits. Lenders look at the whole picture when you apply for a loan. Once it's shown how you pay the bills and that any source of income you may have is enough to cover the debts as well as make the loan payments. A traditional job is not required but the ability to repay the loan is.

Credit History

Good credit will help to get a car loan more than anything else. When you have good credit it shows lenders that you pay your debts consistently and on time making you a better risk even without a job. You should always obtain a copy of your credit report prior to looking for any type of loan. Inconsistencies and false information can damage the chances of getting a car loan. The best policy is to try to clear any negative items up before applying for a car loan. This will make it a lot easier.

Down Payment

When trying to go for car financing without a job it will need a down payment. A down payment will show a lender that you are more serious about paying back the loan. Some lenders will require a down payment of 30% or more before granting a loan to someone who is unemployed however. So be prepared to pay a little more for the down payment if you do not have a job or a regular source of income.

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Co- Signer

A car loan cosigner is someone who promises to pay your loan in the event that you cannot do so. When using a co-signer you will need someone who is not only willing to make this promise but who also has credit that is as good as or better than yours. The preference of the lender will always be someone with better credit than yours. Anyone can be your co-signer. Most people ask their parents to do this for them but it can be anyone, even your spouse or your boss.


When you are able to show that you have lived at the same address for a year or more and worked for the same company also for at least that long, the lender will look more favorably on your loan application. This type of stability shows a certain level of responsibility and responsible people pay their debts.

The things that most lenders require to grant a loan are simple. Things like income, living expenses, stability and a cosigner. As long as you have all these things in place you should have no problems acquiring a car loan without a job.

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