When buying a car, lenders want to know that they can rely on you to maintain the monthly payments. That is why if your primary source - or only source - of income is disability, they may have a problem approving you.
Car Loans on Disability
The problem lies in the income you are receiving. Disability, unemployment, workers compensation and retirement are just some examples of income that cannot be garnished. Lenders need to have the ability to garnish your wages in the event that you stop making your loan payments, and they cannot do this with these types of income.
Even borrowers with a healthy credit history may have difficulty acquiring loan approval, so that means even more trouble if you are a bad credit car buyer.
Make the Car Loan Happen
There are a couple ways you can improve your chances of getting approved for a car loan, even if you are receiving disability payments.
Income from a job.
This additional income may be enough to get a lender to consider approving you for a loan. Also, the time you have been employed can play a beneficial role in the process.
Have a Cosigner.
If you have a relative or close friend that would be willing to share the responsibility of the loan with you, this could be enough for a lender to approve you. You would still be responsible for making on-time payments, but the co-borrower would be the person the lender would look to in the event you stop making them. They would need to have steady, garnishable wages as well as a solid job history and good credit.
Our Team Can Help
The team at Auto Credit Express understands how important it is for everyone to have the transportation they need to get to their doctor appointments, run daily errands, and get to and from work.
We have a nationwide network of dealers who are experts in helping people get approved for auto financing, and we can find the right dealer for you. All you need to do is complete our fast and easy online application, and we will connect you with the dealer who can assist you.
Get to the right dealer the first time. Start today and see what we can do for you.