bRe: Excellent credit but unemployed
[ Edited ]
. Can I still get a car loan?
01-18-2013 06:44 AM - edited 01-18-2013 06:44 AM
I have the entire amount of the purchase price in cash but I would prefer to finance and keep the cash available for other purposes.
I have been unemployed since November and expect a job soon but I can't wait until then to get the car. And even if I can get the loan I am worried that having to indicate on the application that I am unemployed will cause my credit score to decline. Currently it is over 800.
You don't have to worry about your employment status affecting your FICO score. FICO scoring does not care about your income, age, race, employment status, sex, etc...
If you have enough cash on hand to pay for the car then that's probably going to help. You might need to put a large downpayment on the car. I'd recommend going into a local CU or bank and have a chat with the LO there, they can probably tell you if it's going to be a show stopper.