A sizeable down payment can get you guaranteed auto loans even if you are unemployed

It is possible to finance a car even when you are unemployed. A good credit score and a healthy credit history make you a good candidate for an unemployed auto loan. Even if your credit is not that spectacular, there are still other ways you can get auto loans for unemployed.

When looking for a car loan for unemployed, remember that there are fewer lenders in the market that deal in such loans. Therefore, your first step is to look for lenders that offer auto loans for unemployed. One of the reliable lenders that provide guaranteed auto loans to the unemployed, regardless of their credit situation, is CarLoanNoCredit.ca.

Most lenders offering auto loans for unemployed review the credit history of the applicants. This helps them gauge the repayment capability of the potential buyer. So, if your credit history is healthy, reflecting timely payment of all dues and debts, you stand a very good chance of getting unemployed auto loan.

Incomes from any source including benefits such as those from social security, disability, or veteran affairs, post-retirement pension, income from interests, child support, and so on can be shown to demonstrate your repayment capability even when you are out of a job. To approve a car loan for unemployed, lenders require you to reside at your current residence for at-least one year.

A down payment is a significant factor that can get you guaranteed auto loan even if you are unemployed. A significant down payment gives lenders the assurance that you will not walk away from the loan and have the capability to repay. A large down payment also reduces the amount borrowed for your unemployed auto loan that can be repaid easily. To qualify for lower interest rates, you must look to save money for a down payment and work to improve your credit score. You can also consider a less expensive car to lower your loan amount.

If you cannot make a down payment, consider getting a cosigner who can take the responsibility of repaying the loan in case you face difficulty. Lenders are more willing to approve a car loan for unemployed if there is a cosigner as they are assured of the repayment. But, if you are a college student with no or bad credit, no funds or cosigner, you can still get an unemployed auto loan at CarLoanNoCredit.ca. The company has programs that help such people.