Speaky Magazine
  • Home
  • About
  • Celebrity Gossip
    • Scandal
  • Lifestyle
    • Shopping
    • Fashion
    • Wedding
  • Tourism
    • Places
  • Trends
    • Opportunities
  • Renovation
    • Exterior Design
    • Interior Design
    • Garage
    • Gardening
  • High Tech
    • Devices
    • Digital Marketing 
    • Internet
  • Games/Sports
  • Vehicle
  • Well-being
    • Diet
    • Exercise
    • Fitness
    • Healthy Food
    • Natural Remedies
    • Spa
    • Yoga
  • Write for us
  • Privacy
  • Contact US
Home  /  Vehicle  /  Can you get finance for a car when you don’t have a job?

Can you get finance for a car when you don’t have a job?

Alonzo Walker April 24, 2023 Vehicle Leave a Comment

If you’re thinking of getting a car on finance, you may be wondering what the likelihood is when you don’t have a job. Having no current employment can affect your chances as a lender is unable to predict how much you earn and also how you’ll be able to pay your loan back. When you’re currently not in employment or in between jobs, you may have money in the bank or be in receipt of benefits. Both of which could mean you can get approved, but the blog below looks at how you can better your chances.

Table of Contents

Toggle
  • Why is employment status important for car finance?
  • Can you get a car with no job?
  • How to increase your chances of getting a car when unemployed:
  • 1.     Check your credit score.
  • 2.     Have a deposit ready.
  • 3.     Consider a guarantor loan.
  • 4.     Look into hire purchase.

Why is employment status important for car finance?

It’s worth remembering that car finance is never guaranteed and there are a few checks that lenders can put in place to check your eligibility first before you can get approved. Most lenders will ask what your current employment status is, whether that be part time worker, full time employment, retired or on benefit income, they will want to know how much you earn. Your affordability for car finance is really important and lenders have to make sure they abide by the rules of responsible lender too. Responsible lending is in place to make sure any car finance applicant can afford to pay back their loan and don’t borrow more than they can handle.

Can you get a car with no job?

You’ll be pleased to know that you can get a car when you don’t have a job, but it can be dependent on your own personal circumstances and even the lender that you apply with. It can be much easier to get a bad credit car finance deal on benefits as this can be a set income each month that you would be able to prove. It can also be easier if you have a pension in place and are retired as you will also receive a regular income but there may be limitations on your age so it’s worth checking out first. If you don’t have a job at the moment, it can be harder to prove your affordability but there are a few ways in which you could help to increase your chances of getting a car loan with no job.

How to increase your chances of getting a car when unemployed:

It can be disheartening when you need a car and don’t have a job and for many people, they may even need to have a job to get to and from job interviews. So, how can you improve your chances of getting a car loan?

1.     Check your credit score.

Before you apply for any form of car finance, you should always check your credit report first and make sure all your information is accurate and up to date. If the information on your credit report doesn’t match that of your car finance application, lenders may be worried that it’s a fraudulent application. Lenders use your credit score to assess the level of risk and if you’ve missed payment in the past or don’t have any previous borrowing history, it can be a good idea to increase your credit score before you start applying. A better credit score can see easier acceptances and a lower interest rate offered.

2.     Have a deposit ready.

It may seem silly to say when you don’t have a job but having a deposit to put forward for car finance can help to increase the likelihood of getting approved. A deposit for car finance can instil trust with a potential lender and it also lowers your loan amount A smaller loan can reduce your monthly payments and also make your car finance more manageable.

3.     Consider a guarantor loan.

A guarantor loan is when you ask someone else to support your application. If you fail to meet the repayment schedule, your guarantor will be responsible for meeting the repayment instead. Having a guarantor can increase your chances of getting a car on finance without a job as the lender essentially has two opportunities for the loan to be paid so the risk is reduced. If you and your guarantor both fail to repay, the car can be taken away from you and both of your credit files can be impacted and will seriously affect your ability to get any credit in the future.

4.     Look into hire purchase.

Hire purchase is a form of car finance that could be suitable for people without a job. If you were approved for hire purchase car finance, you make equal monthly payments to the value of your chosen car plus any interest or fees. Hire purchase agreements can be spread over 3-5 years and can be tailored to your budget. Choosing a longer loan term can reduce your monthly payments but does mean you will spend longer paying interest so it’s worth comparing different deals. HP can be suited to applicants with no job as it’s a form of secured loan. This means if you fail to repay, the lender has the right to use the car as collateral and take it away from you.

Previous Article
Next Article

About Author

Alonzo Walker

Meet Alonzo, a talented writer with a passion for storytelling. With 7 years of experience, he brings a unique perspective to every piece.

Related Posts

  • Philadelphia auto lawsuit

    Philadelphia Auto Lawsuit Process: What to Expect

    July 3, 2025
  • Philadelphia Best E‑bikes

    Philadelphia Best E‑bikes Reviewed: The Ultimate Guide to Urban Cruising in 2025

    June 29, 2025
  • Four of the Best Medium-Sized Vans

    Four of the Best Medium-Sized Vans

    May 16, 2025

Leave a Reply

Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Search

About Speaky Magazine

Speaky Magazine was founded in January 13, 2018; more than 1 and half yeas ago. The context has changed, although the basic concern remains: to guide the reader through a trends perspective of reality (local and global), helping him to form an informed, well-founded and mature judgment on the issues discussed in society. In other words, contribute to the formation of a conscience capable of discerning.

Read more…..

Write for Speaky Magazine

We are looking for writers, bloggers and journalists to write unique and useful articles about lifestyle and daily trends. Topics include: Decor, small business ideas, sports, lifestyle, fashion, relationship, wedding ideas, photography tips, travel tips and many more.

Read more….

Popular post

  • Personalizing Blank Hoodies and T-Shirts: Basic to BrilliantCustomization Trends: Personalizing Blank Hoodies and T-Shirts in 2025
  • Nordstrom Return PolicyNordstrom Return Policy 2025: Everything You Need to Know Before Shopping
  • Noon return policyNoon Return Policy: Your Complete Guide to Hassle-Free Returns and Refunds in 2025
  • Ulta's return policyNavigating Ulta’s Return Policy: Your Complete Guide to Hassle-Free Beauty Returns
  • Lululemon return policyLululemon Return Policy 2025: Your Complete Guide to Hassle-Free Returns and Exchanges

Random Posts

  • Common problems that can occur with laptops January 5, 2022
  • Jazz Shoes
    Jazz Shoes: Go on and Dance in Style September 18, 2021
  • Maintain the Clear Braces
    How to Maintain the Clear Braces April 4, 2022
  • European football is about to change November 30, 2020

Category Posts

  • What is the disposal method for batteries?
    Eco-Friendly Disposal Methods for Old Power Tool Batteries and Components January 22, 2025
  • How to reduce territorial aggression in cats?
    7 Proven Ways to Reduce Inter-Cat Aggression With Environmental Changes January 2, 2025
  • Why choose engineered wood flooring? December 20, 2024
  • Can wax be washed out of clothes?
    How to Rescue Your Wool Clothes from Candle Wax Mishaps June 7, 2024

Categories

  • Business
  • Celebrity Gossip
  • Devices
  • Diet
  • Digital Marketing 
  • Education
  • Entertainment
  • Exercise
  • Exterior Design
  • Fashion
  • Fitness
  • Food and Drink
  • Furniture
  • Games/Sports
  • Garage
  • Gardening
  • Gift Ideas
  • Healthy Food
  • High Tech
  • Interior Design
  • Internet
  • Lifestyle
  • Mountain
  • Natural Remedies
  • Opportunities
  • Pet Care
  • Places
  • Plumbing
  • Renovation
  • Reviews
  • Sea
  • Shopping
  • Social Media
  • Spa
  • Tourism
  • Trends
  • Vehicle
  • Wedding
  • Well-being
  • Yoga

Archives

  • July 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • August 2012
Theme by ThemesPie | Proudly Powered by WordPress