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Will you be declined for an auto loan if you are collecting unemployment?
Wiki User
∙ 17y ago
I think so, but it depends on where you are buying the car, your down payment and your credit score. They would like to see you have a steady job. I know that every time my husband and I have bought a car, they have asked where we work and how long have we worked there. But if you have a good credit history, and down payment I think that you should be okay. Good luck and God Bless:) Yes, as the unemployment money is not reliable source of money. The lender looks at a job as a reliable source of income --one that should continue where as unemployment money will not.
Wiki User
∙ 17y ago
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Does collecting unemployment affect your loan eligibility?
Yes, for two reasons: 1.) Your debt to income ratio will probably be terrible (unemployment isn't exactly a six figure income). 2.) Depending on the size of your loan, creditors may look at how long you've been at your current job. Usually they do. If they see you are collecting unemployment you will almost instantly be denied.
Does being on unemployment affect your credit rating?
No. It does not affect your credit history. However, when you apply for a loan, it is constituted as a form of income and a form of "unstable" income. So, if you are currently collecting unemployment, and are interested in applying for a mortgage, you might get declined. Not because of your credit, but because it's considered income.Another opinion:Yes it does. Periods of unemployment effect your credit score in a negative way. collecting unemployment clearly put you in the light of creditors as being in that "period on unemployment". See the Related Link below.
Can auto finance garnish unemployment for loan balance?
no. the only things that can garnish your wages is federal and state.
Can a person get an auto loan while collecting workers comp?
generally it will be harder as workers composition is not a steady income and can be cut off at any time.
Are four wheelers under auto loan or personal loan?
Auto Loan
Do auto loan calculators accurately predict auto loan payments?
Auto loan calculators are not reliable. Although they can sometimes predict auto loan payments correctly, they are often inaccurate and can cause issues.
How would you refinance an auto loan?
You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.
What kind of loan is an auto loan?
An auto loan is a secured loan. A lien on the car helps the lessen the risk for the lender.
If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?
Just for the auto.
Where can I find an auto loan calculator?
There are several useful auto loan calculators online. The one found at http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx gives you a lot of information/
Where can I find a quick auto loan?
You may be able to receive an auto loan through a bank or savings. The government may not provide you with an auto loan.
Where can one apply for a loan for unemployment?
One can apply for a loan for unemployment on the Internet. The best site to get a loan for unemployment would be LoansForTheUnemployed. PayLoanToday is another good website you can use to get a loan for unemployment.
