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Car Loan With No Job In Mississauga?

Car Loan With No Job In Mississauga?

The pandemic has been a tough time. We haven’t had it as bad as Europe and other countries but Canada still got hit hard by COVID. If you lost your job during the pandemic, can you still get a car loan in Mississauga?


It’s one of those impossible situations. You need a car to get to work and you need work to get a car. So, what can you do? If your old car no longer works or you had a company car, how can you get around?


Mississauga Car Loan With No Job


The bad news is that unless you have alternative income sources, you won’t qualify for a car loan. You will need adequate income to be able to repay the loan. Without an income, you won’t be able to afford repayments.


The only way around that is if you have other income from investments, social security, pension, alimony or rental income.


If you have other sources and it is sufficient to help you pay a car loan, you may be able to qualify.


Good credit score and no job


If you have a very high credit score and it appears your unemployment will be temporary, a lender may overlook your current situation. Much depends on your career as some skills are more in demand than others.


If you have a long, positive payment history, this can count for a lot. As is being in an in-demand career. While nothing is ever guaranteed, it can help your situation considerably.


If you don’t have stellar credit, you will find it much more difficult to access a car loan until you find work.


Use a co-signer


You could always use a co-signer if you really need a car loan. You could ask someone to guarantee the loan and come in to sign to say they will take over the loan if you miss a payment.


You’ll need to know someone who trusts you enough to co-sign the loan and who has a sufficient credit score to qualify it but it’s an option.


Not all bad news


It isn’t all bad news though. We work with a few lenders willing to offer car loans in Mississauga to those who have only been working a day or two. If you find work and it’s a full time, permanent role, you can apply for a car loan almost immediately.


This won’t help you while you’re unemployed but it can help you while looking for work.


Actually, it will help you while you’re unemployed by not giving you something else to worry about while you don’t have income, but that’s another story.


As soon as you get your offer letter or formal notice of being hired, you can use that, along with evidence of savings, proof of ID and address and bank statements, to apply for a car loan.


We can help you get preapproved and help you prepare your application so it stands the highest chance of success.


Contact Unique Chrysler for help, advice and competitive Burford car finance and leasing.


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Categories: Auto Loan

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