Getting car finance for unemployed people can be tricky; lenders want reassurance that a person can keep up repayments. Having a good credit rating and a guarantor could help you secure a loan. At Swansway Motor Group we can help you try and find a car finance that works for you!
Yes, it is possible to get car finance with without any employment history, but it may take a little longer. In order to secure car finance you need to be able to prove to lenders that you can keep up with the repayments. Having employment or an employment history can help prove this.
Car finance for unemployed people may be approved with a guarantor. A guarantor is someone with a good credit rating and usually in employment, they will guarantee your repayments throughout the term.
Having a good credit score when you are unemployed can work in your favour as it reassures lenders that you’ll be able to keep up with repayments. They are then more likely to accept you for car finance.
Reviewing your credit history allows a lender to see how well you’ve managed credit in the past. Do you need to improve your credit score before applying for car finance? We can help with our guide to improving your credit score
Unfortunately, there’s no guarantee that you’ll be offered car finance if you’re unemployed. However by having a good credit score and adding a guarantor can help improve your chances of getting accepted.