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Posted in Auto Loans
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Question By
CallieByrd

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Getting a small auto loan without employment
Long story short; I lost my truck in an accident in November 2014. Although to me my truck was priceless and had tons of sentimental value, it was old and the check I got for it was not even close to enough to buy a new one. I am a college student and get Chapter 35 VA benefits and that is my only source of income, and I have read that it doesn't count as income when getting a loan.
My FICO score is 734 and I have 2 credit cards, always paid in full every month, no accounts in collections, and I have had credit for over a year.
I found a really nice truck that is 9500$ and I would have to get a loan, but I am afraid to apply for one because I don't think I will get approved. Anyone else had experience with this? I know a co-signer would help, but I really don't have anyone that has good credit that I could ask.

Also I do need a car to commute to and from school (60 miles each way) and the car that I bought will not crank as of 2 days ago, and its a 10 year old car with over 200k miles on it. I don't necessarily want to finance a car right now, but I am kind of out of options at this point.

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Top Contributor
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I would guess that it will be difficult for you to get a loan especially of that size when you have no employment and a short credit history. There are dealerships out there that may be able to help you finance a vehicle on their lot, you might want to look for a dealership or lender that advertises to work with all situations.

As far as your car not cranking, if it is not doing anything when you turn the key, it may just be a battery or a starter, check those.

Reply by
CallieByrd

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Thanks, I think I will go with a buy here/pay here because I honestly don't even want a loan of that size, and I don't think I would get one either. The bank I have been with for 2 years said they would try to get me approved, but I just don't trust they can.

Unfortunately with my car it's not the battery, it turns over but doesn't fire. It's actually a 15 year old car, 2000 Sentra. I am going to have it fixed if it isn't an expensive problem, but I still need something more dependable.

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