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What can you do if you have a car loan and you became unemployed?
Wiki User
∙ 11y ago
The first thing you should do is contact the lien holder, which would be the person or company that you are making payments to, and advise them of your situation and what plans you have, if any, to make payments. Some financial institutions may permit you to make interest only payments for a limited time until you are re employed.
Wiki User
∙ 11y ago
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Where can one get loans when unemployed?
There are various different ways to get a loan while unemployed. Some of them can be recommended but others are not really a good option. Asking friends or family for loans, borrowing against life or home insurance, loan with a co-signers, car title loans and pawnbrokers among others.
How do you get a bank loan for the unemployed?
It's difficult for an unemployed person to get a bank loan with today's economy. If a loan officer sees that a person does not have a steady source of income, he will be very inclined to not give you a loan. Some predatory lenders may give you a loan, but they will charge outrageous interest rates.
Can you get car loan without job but excellent credit score?
If you can show proof of a hefty bank balance (more than the amount of the loan you want), the answer is "maybe". If you can't do that, and you currently have no source of income, then no - you won't get a car loan. Retired people can show income from pensions or Social Security, and that counts, yes. But unemployed and no nest egg? Nope.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
Can you add a previous car loan into a new car loan?
No, it is not possible. Your previous loan must be completed to get a new car loan
How do you get a used car when unemployed?
It does not matter whether you are employed or unemployed as long as you can pay your payment you should be able to get a used car. First Find the used car you like then work with them to get finance. Do not forget the your car will be a collateral until you pay off the loan.
Where can one get loans when unemployed?
There are various different ways to get a loan while unemployed. Some of them can be recommended but others are not really a good option. Asking friends or family for loans, borrowing against life or home insurance, loan with a co-signers, car title loans and pawnbrokers among others.
Can you still get a pay day loan if you are unemployed?
YES
How do you Get a payday loan unemployed and bad credit?
You can't get a payday loan without a payday. The loan is made as an advance on your next payroll check. If you are unemployed they have nothing to lend on and have no reason to believe you have the means to pay it back.
How do you get a bank loan for the unemployed?
It's difficult for an unemployed person to get a bank loan with today's economy. If a loan officer sees that a person does not have a steady source of income, he will be very inclined to not give you a loan. Some predatory lenders may give you a loan, but they will charge outrageous interest rates.
Is it possible to get a small money loan if you are unemployed?
yes from your family members ;)
How can you get a car loan when you are currently unemployed?
Cant. Cars dealers want at least the last two month of paystubs from the last two years of the same type of work, not necessarily the same place. If you were a painter in one place for a year and went to work as a painter somewhere else that would be ok. If you were a painter one year and then went to be a roofer that wouldnt. As long as they can see stable income then you can get a loan. There are places out there that would give a loan with a good trade in and down payment if you can show money in the bank but the rate would be high and if you default your credit will be messed up. It is very difficult to get car loan when you are unemployed because if you are unemployed your credit history is also bad but you can contact some good car lenders who guide you about this matter. Good Luck...!
Can you get car loan without job but excellent credit score?
If you can show proof of a hefty bank balance (more than the amount of the loan you want), the answer is "maybe". If you can't do that, and you currently have no source of income, then no - you won't get a car loan. Retired people can show income from pensions or Social Security, and that counts, yes. But unemployed and no nest egg? Nope.
If someone is disabled and therefore unemployed but getting SSDI how can he obtain a person to person auto loan for a used car?
"he' would call local lenders until he found one willing to make a loan based on his CR and expenses and income.
who will refinance my car when im unemployed?
Check with the lender that financed your car in the first place. If your credit and payment record are solid, you might be eligible for refinancing of the current loan. Your ability to refinance will depend primarily on your credit history.
Can a unemployed cosigner be used to buy a home?
No. There would be no reason to allow an unemployed person to co-sign a loan. A co-signer is required by the lender when the primary borrower has a poor credit record and /or doesn't earn enough money to pay the loan. A co-signer is fully responsible for paying the loan and guarantees the loan will be repaid. If they are unemployed they are not a good credit risk and would not be acceptable to the lender.
What happens when your loan protection insurance runs out and you are still unemployed?
find a job
