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If you need to apply for an auto loan with social security income or disability income, it’s not as difficult as you might think. While some lenders might reject applicants that depend on social security or disability as a major source of income, Indy Car Financing accepts all forms of funding and credit types. Our experts have come up with this helpful guide on applying for an auto loan with disability income and social security to help buyers navigate this common situation.
Understanding Auto Loans and Income
When lenders review a loan application, the first thing they look at is the applicant’s source of income. One of the major limitations with disability and social security income is that a lender can’t garnish such funds in the event of a defaulted loan. On the other hand, if you have income from another job that can be garnished, there is a higher chance of loan approval. The key is to find or utilize an additional income source in addition to disability and social security income to increase your chances of a loan approval.
What Is Your Credit History?
Your credit is another indicator that lenders use when considering a loan application. Lenders prefer a higher credit score, along with long-term residence stability. If you’re worried about your credit rating due to things like chronic health issues with high medical debt, you still might be able to land a reasonable loan. Lenders will most likely turn away individuals who have poor credit that exhibit habitual tendencies, but lenders are more likely to approve you if you have bad credit that’s situational.
Indy Car Financing Offers the Help You Need
To receive an auto loan with social security income or disability income, Indy Car Financing has the solution for you. Our facility is open to all customers, regardless of current financial situation or credit score. A sampling of applicants that we can offer assistance to includes:
- First-time buyers with little to no credit
- Customers with low income, including social security and disability
- Shoppers without a driver’s license
We think that everybody should be able to take home a vehicle that best meets their needs, which is why we provide such flexibility for our customers applying for an auto loan with disability income, as well as social security. If you have any questions for us, contact our experts at 855-468-6215 today.