Established Contributor
Posts: 578
Registered: ‎08-30-2007
Re: Excellent credit but unemployed. Can I still get a car loan?

I remember the dealer asking for place and length of employment when I financed my Ford last month, but that was about it.  I'm sure they wanted to be sure I had the ability to repay a 30K+ loan though.  Also, my current place of employment is listed on all three of my credit reports as well.  I don't know how much that factors into things, but as another poster replied, my CU is more sticky when it comes to DTI. They usually want pay stubs to calculate things.  I had to pay a 0.25% premium on my interest rate on my atv loan a little over a year ago because I had two auto loans(one was actually my daughter's car that I was co-signed on), so the DTI thing came into play. My Fico EQ was mid 750's then, so it was a pure DTI thing, emphasis on the "I" being income.  I would most definitely scope it out before having your reports pulled though, no sense in a hard pull if they won't finance for other reasons.  Good luck to you.   

MyFICO Forums ROCK!! & . Been There, Done That. Never Going Back! Goal>>>> 760 all 3.

Starting Score: 1/05 upper 500's??Current Score: FICO: EQ 730ish, TU 748(Barclay), EX 738(CS) Goal Score: .....800 IS ON MY BUCKET LIST! New DCU Member! .:smileyvery-happy:
In My Wallet: CU Visa 15K, Sam's Club 10K, Lowe's 15K, Cabela's Siggy Visa 11.5K,Travelocity AEX 18.9K