2007-01-08 14:24:13 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I am talking about disability benifits.
2007-01-08 14:47:55 · update #1
You can buy a brand new car if you have SSI and/or SSD. The trick would be able to find someone who will give you a loan. Also, you want to make sure you don't have your monthly payments so high you can't afford food, clothing, or shelter. I work with people that are on SSI and/or SSD, and through out the years a few of those people have purchased cars. The problem they often run into is, they find a car dealer that will let them have a loan that eats up most of their monthly benefit check and they can't afford the car payments, AND everything else they need to live (such as food). You are allowed to own 1 car on SSI, and SSD has no resource limits.
2007-01-09 14:05:57 · answer #1 · answered by Josie 5 · 0⤊ 0⤋
You are allowed one car, the value of the car does not matter, just don't try to sell the car under current rules, oh and finance a car?
That isn't possible on SSI, since the rate of income is about half of what is required, if one lives on their own that is. I was told by a FORD dealer that one needs $1,600.00 a month minimum to even qualify for a loan.
SSI is Supplemental Security Income, not Social Security, I get SSI, so I know, in 7 years I'll be able to get Social Security, unless Republicans manage to move the goal posts...
2015-06-02 14:12:25 · answer #2 · answered by Zoom314 1 · 0⤊ 1⤋
You could but SSI benifits are given according to assets you have. So if you go get a brand new sports car for example your SSI benifits will decrease because they look at the sportscar as an asset.
2007-01-08 14:28:50 · answer #3 · answered by Bill S 6 · 0⤊ 2⤋
It depends on what kind of SSI benefits you are referring to. Are they disability benefits? Are they survivor's benefits? Are they retirement benefits? Each kind of benefit is different, therefore, each kind has it's own rules.
I recommend you contact Social Security and ask them directly. Their toll-free number is 1-800-772-1213.
2007-01-08 14:44:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes you can,,they can finance you on a ssi check,they jut set the payments lower on it,,and it may limit the type of car you can buy,,like a corvette,i don't think they,d finance one of those,,but yes you can get a brand new car,,and a good one also,,good luck hope this help,s.
2007-01-08 14:30:56 · answer #5 · answered by dodge man 7 · 0⤊ 1⤋
they told me that most of the time car doesn't count. But I think if it's a car that costs less than 10k
2007-01-08 19:39:08 · answer #6 · answered by Anonymous · 0⤊ 1⤋
What the hell...Buying new cars with SSI money? What is the matter with this picture.Brother this takes the cake.I'm out of here...
2007-01-08 14:35:13 · answer #7 · answered by D Grass 3 · 3⤊ 5⤋
Of course you can. Just pay cash.
2007-01-08 14:30:05 · answer #8 · answered by oklatom 7 · 1⤊ 0⤋