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Posts: 909
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.   

Starting Score: 500's
Current Score: 773 EQ(DCU), 757 TU(Barclay), 788 EX(
Goal Score:760 X 3

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