I am needing an auto loan. My husband and I are both on disability. Will anyone approve me without a "job"?

I know lenders want a job so they can get their money if you do not pay. With social security they cannot take the money, but they can repo the car. So why will no one approve? We are on permenant disability, having received it now for about 10 years, and always will. Just because we are on disability do we have to pay cash? This has not been fair so far, discrimination?

I am needing an auto loan. My husband and I are both on disability. Will anyone approve me without a "job"?
Auto finance is what I do for a living and auto loans are based on the following factors;





1. LTV (loan to value).


2. Term requested.


3. Age of vehicle.


4. Miles on vehicle.


5. Down payment.


6. Time on job.


7. Time at residence.


8. Monthly income before taxes.


9. Credit score/profile.


10. Total debt to income ratio.





Disability is acceptable income for all lenders so the fact that you are on disability has nothing to do with you not getting a loan.





It could be the amount of disability you and you husband get every month is not enough, it could be your credit history or it could be your debt to income ratio.





But whatever the reason it's not discrimination. It's because something that the dealers are submitting in the above list does not meet the lenders guidelines.
Reply:If your income is sufficient to prove you can repay the loan, you should be able to qualify assuming you have a clean credit record. It will help a lot if you can make a good-sized down payment.





Have you been turned down because your income is from disability payments? If so, have you tried a local credit union?
Reply:There's more to this than just the disability. Social security is income. Lots of folks living on social security are able to get car loans.





What does the rest of your credit look like? Most creditors look at your payment history to determine risk factors. Do you have negatives, late payments?
Reply:If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.ht... . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/
Reply:Think about it. Lenders are in business to make money. They make money by making good loans to people who can pay the money back. If you don't have a job, you don't have an income. Disability can - and might - be discontinued at any time. You're just not a good risk in a lender's eyes.





And sure, they can repossess the car if you don't pay. But having been in the business for a while, I can testify first hand that most people who don't pay their bills, don't take good care of their cars, homes, etc. As a lender, I can repossess your car, but if it's a piece of junk because you didn't take care of it, I can't sell it and get what I need out of it. I lose money, and since as a lender I'm in the business of making money, I can't take a chance on you.
Reply:you can try prosper.com (up to 25k)


Beware of Advance fee Loan scams.


LOAN SCAM - Do Not Pay UpFront Fees.


Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson %26amp; never see any Loan money.