Getting approved for an auto loan while on disability can be a challenge, but it isn't completely out of the question. Depending on what you can bring to the table will determine your chances of being approved.

Disability benefits alone won't be able to help you when applying for an auto loan. The reason for this is because when applying for a car loan with disability benefits a dealer or lender will not be able to treat your disability income as a garnish-able wage; if you stop making payments to the lender, there is no way for them to garnish your wages to get their money.

At Auto Credit Express, we have worked with people just like you, so we know what you need when it comes to getting approved for an auto loan with poor credit. Read on to see what you can do.

What Can I Do to Better My Odds of Being Approved?

How Good are My Chances of Getting a Car Loan on Disability?

There are several things you can do to increase your stance when dealing with the lender.

  • Have another form of income that can be garnished if necessary. If you have a part time job, this may just give you the boost you need for showing proof of income that the lender can consider.
  • A down payment. If you have some money that you can put towards the purchase, your chances of being approved will be much better.
  • A good credit rating. Having a decent credit score will help you immensely. It shows that you are a reliable borrower.

Of course, if you lack the garnishable wages or have bad credit, you might need to consider having a cosigner on the loan.

How Will a Cosigner Help and Who Can I Use as One?

A cosigner will give the lender added assurance that the loan will be paid no matter what happens. They would agree to pay the debt in the event you stop paying on it. This is a huge responsibility for them to take on, since their credit will be affected should you cease to make payments as well as showing up on their credit report as well, which could affect their chances of being approved for financing if they need it at some point.

It can be a trusted friend or family member, but they should have a good credit history as well as the income to handle the payments, even if they will never need to make a single one. And really, they should never have to.

So, if you are on disability but need an affordable car, truck or SUV - don't worry, because we can help! Our online application is simple, and will only take a couple minutes of your time to complete. Once we have the information we need, we can connect you with one of the dealers in our vast network that can help you.