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Will you be declined for an auto loan if you are collecting unemployment?

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βˆ™ 2006-07-27 15:06:45

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I think so, but it depends on where you are buying the car, your down payment and your credit score. They would like to see you have a steady job. I know that every time my husband and I have bought a car, they have asked where we work and how long have we worked there. But if you have a good credit history, and down payment I think that you should be okay. Good luck and God Bless:) Yes, as the unemployment money is not reliable source of money. The lender looks at a job as a reliable source of income --one that should continue where as unemployment money will not.

2006-07-27 15:06:45
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Q: Will you be declined for an auto loan if you are collecting unemployment?
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Related Questions

Does being on unemployment affect your credit rating?

No. It does not affect your credit history. However, when you apply for a loan, it is constituted as a form of income and a form of "unstable" income. So, if you are currently collecting unemployment, and are interested in applying for a mortgage, you might get declined. Not because of your credit, but because it's considered income.Another opinion:Yes it does. Periods of unemployment effect your credit score in a negative way. collecting unemployment clearly put you in the light of creditors as being in that "period on unemployment". See the Related Link below.

Does collecting unemployment affect your loan eligibility?

Yes, for two reasons: 1.) Your debt to income ratio will probably be terrible (unemployment isn't exactly a six figure income). 2.) Depending on the size of your loan, creditors may look at how long you've been at your current job. Usually they do. If they see you are collecting unemployment you will almost instantly be denied.

Can auto finance garnish unemployment for loan balance?

no. the only things that can garnish your wages is federal and state.

Are four wheelers under auto loan or personal loan?

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generally it will be harder as workers composition is not a steady income and can be cut off at any time.

Do auto loan calculators accurately predict auto loan payments?

Auto loan calculators are not reliable. Although they can sometimes predict auto loan payments correctly, they are often inaccurate and can cause issues.

How would you refinance an auto loan?

You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.

What kind of loan is an auto loan?

An auto loan is a loan that's given to someone to enable him/her buy a car while they pay back within a period of time below is my recomendation for best auto loan

If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?

Just for the auto.

Where can I find an auto loan calculator?

There are several useful auto loan calculators online. The one found at gives you a lot of information/

Where can I find a quick auto loan?

You may be able to receive an auto loan through a bank or savings. The government may not provide you with an auto loan.

How do I find a calculator for car loan payments?

If your looking for an auto loan calculator, Bankrate is a great place to start. They provide car loan and auto loan calculators to help with your buying decision.

How does the auto loan calculator work?

An auto loan calculator factors in the interest rate of the loan, the loan amount, and length of time for the auto loan. This information givens you the monthly payment as well as loan balance for that particular loan plus the total you will pay over the life of that loan.

Where can one find an auto loan calculator?

There are several places where one can find auto loan calculators. One can find an auto loan calculator on several websites such as Auto 123, and Chase.

What is charges such as collecting loan fees and the interest the customer pays on the loan?

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Can you qualify for an auto loan with no drivers license?

yes you can get a auto loan without a license but you can not get auto insurance with out one and you can't complete the loan closing without insurance.

Can you pay off your auto loan to the lender?

Yes when you pay off your auto loan the payment should be made to the lender. In fact all auto loan payments should be made to the lender who financed the loan.

What is the credit score you need to get a auto loan?

the acurate auto loan you need is at least 750

Where can one get an auto loan quote?

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Auto Loan Early Payoff?

Auto Loan Early Payoff How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!

Does an auto loan rewrite hurt your credit?

I think yes....the auto loan rewrite can hurt your credit

How is the interest on an auto loan calculated?

Auto loan interest payments are calculated using an amortization schedule.

Datas of UK customers - loan declined?

Hello. Iam running a call center in India i want the loan declined UK cistomer datas pls help me to get the datas Thanks John Louis

I have an auto loan in my name can i get another auto loan in my name?

If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.

Is there a website that can calculate bank rates for an auto loan?

There is a website that can calculate bank rates for an auto loan. Simply go on, click on auto, and fill out all relevant information to calculate bank rates for an auto loan.