Car Financing Without a Job - Improving Your Odds

Written By ipink edy on Friday, October 25, 2013 | 4:07 PM


A catch-22 is one of those situations whereby you have two goals or desires, but in order for either one to happen the other one must happen first. This pretty well describes what it is like for the millions of people who are without a car and without a job. The way they see it: it is much harder to get a job without having a car, but at the same time it feels impossible to get approved for an auto loan without having a job.

If you are in this situation, the simplest solution would be to have someone you know who cares about you lend you the money needed to buy the car you need. Yes, great solution. Trouble is, for most people today, they just do not have on hand the money required to loan to a friend or loved one so they can buy a car.

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Another solution is to try to save up money by doing odd jobs until you can get a "real," full-time job. The challenge here is that it can be hard enough to survive month-to-month on just doing odd jobs or part-time work - let alone being able to save up for a car.

Yes, for most folks then, the real secret to getting out of this mess is to find a way to get approved for car financing - even if you are unemployed.

As with anything else in life, there is always more than one way to get something done. It's true that if you beat down the door of 20 or more lenders, you are eventually going to find one to give you an auto loan even if you do not have a job. Still, taking that approach will take a whole lot of precious time that you need to devote to finding work. And, doing this is unlikely to land you the best-possible interest rate.

Successful Car Financing Basics

The basics of successful car financing are:

A. Knowing how much you will be able to afford in monthly payments.

B. Putting the right amount of money down.

C. Gaining the trust of your lender.

Why Having A Job Is Important For Getting Financing

The first two items above are a piece of cake for most folks: being able to calculate what you will be able to swing in monthly car payments will help you choose the car purchase price and payback period that is right for you. And, most of us know how much we can afford to put down in cash for the car.

However, gaining the trust of your lender is another story for some folks. Yes, it can be accomplished by having a very good or even excellent credit score and have a steady, full-time job. But if you do not have either of these, it is a bit tougher to get approved.

Ways To Get Car Financing Without A Job

To increase your chances of getting car financing without a job, try these tactics:

1. Research your credit score with all three of the major credit reporting agencies. Your score will vary a bit from one to the next, so find the one that shows your highest score. Bring a copy to the car dealer or lender.

2. Prepare a brief description of your recent employment history - and be ready to explain why you are currently unemployed.

3. Be ready to describe just what you are currently doing to look for a new job and what your prospects are. Find ways to assure your would-be lender that you are a trustworthy person who will soon be employed again.

Getting car financing without having a job is a bit more difficult than if you had steady employment, but do not make the mistake of thinking it is impossible. Follow these tips and you will increase your chances of getting that car - and getting yourself out of that catch-22 - as soon as possible.


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