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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.


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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.


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