Can I obtain a car loan if I am unemployed or living on disability?

Can I obtain a car loan if I am unemployed or living on disability

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If you are thinking of taking on a car loan recently but you are unemployed or currently living on disability, you will understand how hard it is to get approved for a car loan from the banks. The very basic requirement for a car loan is to have an income, many people today don't realize if you don't have any income on paper there is no way a bank will lend you money. But there always ways around this problem, if you need a car badly enough there may not be too much choices when it comes to the vehicle you want to buy. Living on disability or unemployed usually will not qualify you for any kind of loan even from the "B" class lenders, so in another word if you are currently in these situations it is impossible for you to get approved even from the bad credit lenders.

First thing you should be careful with is not to apply for credit from the big dealerships, once you apply credit there the lender will be required to dig up your credit bureau. Since the lender is a retail business pulling a credit on a customer means it is a "hard hit" or a credit report that will reduce your credit score. The best thing to do is to save up for a small mount of down payment on the vehicle, and apply to the "no credit check" car loan providers. The rock bottom of the credit world is the no credit check car loans. These types of loans are usually funded privately from the dealership itself; these types of loans are the same as if you borrowed money from your family.

No credit check car loans will usually approve everyone, there will be stiffer stipulations such as a small amount of down payment or installation of the GPS tracking device. These devices are in place to ensure in case you default on your car loan some one will be able to track down the vehicle and to repossess it without too much hassle. So in conclusion if you are looking for a vehicle and you are been turned down else where, just apply directly to the no credit check car loans and you will be driving your next vehicle within days. Thank you for reading this article it is brought to you by No Credit Check Car Loans Toronto, you can find us online for more information at http://www.nocreditcheckcarloans.ca

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