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Car Loan With No Job In Georgetown

Car Loan With No Job In Georgetown

In what we could accurately describe as ‘tumultuous times’, many Canadians have found themselves out of work. If you need a car to get to your next job or to replace a company car, can you get a Georgetown auto loan if you’re unemployed?


As always, the answer is, that it depends entirely on your situation.


Unemployment and Georgetown auto loans


In the vast majority of cases, you cannot usually get a loan of any kind without income. If you’re unemployed and still have income from other sources, you may still be able to get a loan. If you don’t have that kind of income, you won’t.


Any loan application will depend on:


Income sources


Income comes in many forms. Rental income, investments, pensions, alimony or something else entirely. If you were supplementing your income with a job, you may still be able to access a Georgetown auto loan.


Much will depend on how much your income is and how reliable an income source it is.


Your credit score


If you have an excellent credit score, lenders will be more willing to work with you than if you don’t. That doesn’t mean you’ll automatically get an auto loan, just that they will look more favourably on your application.


If you have a modest extra income and a good credit score, you should be able to get an auto loan. If you have insufficient income to make the payments, it doesn’t matter how good your credit score is.


Unless you have a co-signer.


Co-signers and auto loans


Having a co-signer can significantly benefit a Georgetown auto loan application. A co-signer is a guarantor of the loan. If you default, they are then legally obligated to repay the loan.


Co-signers are used frequently to overcome bad credit or other subprime lending situations. It could also help unemployed people too.


Georgetown auto loans and new job offers


If you can wait until you find a new job, you will find it much easier to qualify for a car loan. We work with some lenders who offer car loans even if you have only been in your role a day.


As long as your role is a permanent role and pays sufficiently to afford your car loan payments, we can secure very competitive rates.


In many cases, you won’t need a co-signer or need to be in the top 5% of credit scores to get one either!


We don’t recommend taking on debt if you have lost your job but we can understand you may not have a choice. If you have a company car or your old car is no longer viable, you’ll need something to get you to interviews and then get you to work.


If you cannot pay cash, you’ll need a Georgetown auto loan. You’ll also need access to a range of competitively priced cars to go with it. Both of which we can help you with!


If you need help or advice on anything to do with auto loans in Georgetown, contact Car Nation Canada today, we can help!


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Categories: Car News