Car finance is available to you if you’re unemployed, if you speak to the right lenders. All lenders will want to know that the person taking out the loan is responaible and can afford to keep up with their repayments.If you’re unemployed with a good credit rating you could use a guarantor to get you your dream car.
No employment hisory?
You can get car finance with no previous employmrnt history, however, it may take a little bit longer to get it. You need to be able to reassure the lender that you can keep up with repayments and not miss out on any payments. Obviously being employed or having previous employment history will help you secure car finance, but it’s not compulsory. It may only be an issue if you also have bad credit history. Your car finance application may be approved with the addition of a guarantor, who’s employed and has a good credit history. They will be able to guarantee your repayments throughout your contract.
Unemployed with good credit
If you’re unemployed with good credit, all you need to do is reassure the lenders that you can keep up with all your repayments. Even with good credit, a lender may still insist on you using a guarantor, this just means that the lender wants to be 100% sure that you’ll be able to keep up with your repayments and not miss any.