Can i get a car loan without a job?
August 31st, 2010 | 
Author: Jessica asked:
I turned 18 at the end of July have no way to transport myself to and from a job. I live in a city with little public transportation and am miles away from the interstate or local shopping. I am trying to acquire a car so I can get a job. Do I have to show proof of income to get a loan? I also have no credit, I once heard that is better sometimes to have no credit than to have had bad or not so good credit. Please tell me some insight on this. Thanks.
bad credit car loan
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bad credit car loan
Good luck on this one. Some kind of steady income is generally required to get a loan from most lenders.
bad credit car loan
Unless you have a cosigner, you’re pretty much boned. A company won’t give a loan to someone with no income, because… how can you make payments without a job? Same goes with credit. Good credit lets them say, ‘hey, this person makes payments regularly, ect.’ Bad credit does the opposite. No credit can’t tell them anything. Some loan companys will go out on a limb and take a risk by giving someone without credit a loan, but that doesn’t happen often, and the interest rate is brutal.
If you have a cosigner, you MIGHT be able to get a loan, but even then, it won’t be much. Sorry to be the bearer of such bad news, but you might get lucky and find a company willing to take a risk with you. Just don’t dissapoint them! Good luck!
bad credit car loan
You generally need to provide proof of income to get a loan. The lender will usually want to see that you were working at your current job for at least 6 months.
It is unlikely that you have enough collateral to secure a loan. As you are only 18 years old and have no credit history, you will almost certainly need a co-signer.
Lenders have been stuck too many times recently by people not paying their debt. They will want to be certain that you are capable of making your loan payments.
bad credit car loan
Most lenders require that you have a job before you can take out a loan, unless you have a cosigner.
It is ok that you have no credit, but the interest rates will probably be a little higher.
If you could get your parents to drive you to work the first few weeks, and then apply for a loan that might be the best way to go. You could also apply for a credit card or prepaid visa and make sure to make your payments on time to start building up good credit.
bad credit car loan
You need some sort of income to get a loan.
A creditor will not lend you money if you have no defined way of paying them back.
bad credit car loan
There are people with steady jobs and good credit that can’t get financing but you think you can with no job and no credit?
Kids these days……….
bad credit car loan
No job and no credit history, either. Have fun trying.
Mr. Banker, I want to borrow $10,000 to buy a car, but I have no way to pay it back. Think about what you’re asking.