..

Money

  • Written by News Company



When you’re unemployed or searching for a job, you may be in need of a car more than ever before. However getting a car loan if you’re unemployed can be difficult, although luckily it’s not impossible.

Work outside the box and speak to lenders who specialise in people with a low credit rating or who have experience helping people who are unemployed to get car loans.

Have You Got Other Income Sources?

Alternative income sources are the best way to prove to a lender that you have the capacity to be able to make car loan repayments.

You may have to think outside the box here but consider whether you have evidence of the following income sources:

  • Renting a room in your home

  • Freelance or part time casual work

  • Ebay invoices

Keep a record of your bank statements which show incoming funds to help yourself get a car loan when you’re unemployed.

Ask Your Partner or Parent

If you have a partner who is in full time employment or a parent who has a good credit history and the ability to show a good income stream, you may be able to take out a car loan with them.

Always make sure that you have a written agreement in place between you however to avoid disputes further down the line.

Got a Job on the Cards? This could help

If you are currently unemployed but you have a new job on the horizon, some lenders may consider giving you a car loan.

It’s likely you’ll need to provide your new employment contract and a confirmed start date in order for lenders to consider this.

Alternatively, if you’re able to wait until you have started your job and ideally passed your probationary period, you are much more likely to be approved for a car loan and you could benefit from better rates meaning lower costs long term.

Are You Employed but on a Casual or Fixed Term Contract?

Casual and fixed term contracts are increasingly popular within many industries today. Don’t worry if you are currently in and out of work on this type of contract – as long as you have a good history of continuous employment to show.

Lenders may consider approving your car loan if you can show previous tax returns and a good credit history with regards to repayments and stable residency status.

Ask the Experts

There’s so much information available out there, it can be overwhelming. It’s always best to consult expert advice – this often saves huge amounts of time, money and stress. Using expert advice, you’ll generally have access to a wider range, as well as the right type, of lenders who will be able to help you get a car loan when you’re unemployed.

 

 

Politics

AWU National Secretary Daniel Walton on steel industry

Ambitious expansion plans make mockery of those who wrote off Australian steel industry GFG Alliance's planned rejuvenation of the Whyalla steelworks, and the Australian steel industry more generall...

George Neophytou supports roads funding and more

Independent candidate for Gippsland East George Neophytou has pledged to support completion of duplication of the Princes Highway between Traralgon and Sale and to upgrading of the Sale alternative ...

Scott Morrison interview with Alan Jones

Belt and Road Initiative; Law and order in Victoria; Queensland infrastructure; Power prices; Paris Agreement; Immigration; Negative gearing.   ALAN JONES: Prime Minister, good morning.   PRIME ...

Business News

Compactus: 5 Businesses that Need this Underrated Storage System

Reviving a classic. This is how you get big space from small business. While contemplating the best design for a small business, there’s many factors that you must keep in mind. Just about every s...

Digital Marketing Agency Business Plan for 2018

When it comes to handling the business as per the current trends, it is essential for you to get associated with the internet. The major highlight of using internet is where you can easily reach the...

Australian exporters show record high levels of market confidence in DHL

Australian exporters are riding the global e-commerce wave into new international markets, with plans to invest in online marketing and the workforce to optimise this opportunity. Research from the ...

Travel

Top NZ Campervan Spots For First Time Visitors

New Zealand’s stunning landscapes, moderate temperatures, and long, sunny days make the country ideal for a road trip. When you’re touring the country for the first time in your campervan hire New Z...

Pet-Friendly Summer Destinations in NZ

No one wants to leave their pet at home and why should you have to? When it comes to traveling around in a campervan hire New Zealand, you may not want to live your precious animal back home. You shou...

DriveMyCar

DON’T GET SLUGGED WITH THE SIX-HUNDRED-DOLLAR CHRISTMAS TAX Revealed: traditional car rental companies charging 3.3 times more to rent a vehicle over Christmas A comparison of rental costs per day...