How likely are you to be able to finance a car if you have a down payment, are NOT employed, but have money coming in through unemployment and settlement checks? Is bank financing available or is "buy here pay here" a better option?
2007-01-15 05:09:35 · 0 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Your credit and previous job history will be a big deciding factor. If you had a long term job previous to being laid off and have excellent credit you still might qualify for a car loan.
A co-signer might help because they add stability to you income.
Buy/here pay/here might be your only option if you have bad credit.
2007-01-15 05:23:03 · answer #1 · answered by Confused 3 · 0⤊ 0⤋
Without a job it won't be easy and frankly it wouldn't be the smartest thing to do as when the money is tight you don't want to pay interests to anyone..
Ideally you'd save up some money and pay cash.
RE:
A question about car financing ... ? -
How likely are you to be able to finance a car if you have a down payment, are NOT employed, but have money coming in through unemployment and settlement checks? Is bank financing available or is " a better option?
2015-02-23 18:43:25 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You can get financing as long as you can show source of income. If the unemployment and settlement checks show sufficient income they can be used to obtain a loan.
Best way to determine what you will qualify for is to apply for a loan at a bank or on line like a place like http://www.lendingtree.com.
They will consider unemployment and settlement checks as source of income.
2007-01-15 05:17:41 · answer #3 · answered by hsueh010 7 · 0⤊ 0⤋
Buy here Pay Here is only a good option if you can afford to make double payments on the car (no early pay penalty clause built in), or if you sincerely plan on getting your credit straightened out within a year so that you can refinance.
2007-01-15 05:16:11 · answer #4 · answered by Hawk996 6 · 0⤊ 0⤋