Can You Get a Car Loan While You’re on Unemployment?
If you're out of work, you may be wondering if you can get a car loan. The good news is that it is possible to get a loan when you're unemployed. Here are a few things to keep in mind:
1. You'll likely need a cosigner: Since you don't have an income, lenders will be reluctant to give you a loan. But if you can find someone who's willing to cosign the loan with you, your chances of getting approved go up significantly.
2. You may have to pay a higher interest rate: Again, because you're seen as a higher risk, lenders will charge a higher interest rate on your loan. So be prepared to pay more than someone with a steady job would pay.
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