I'm currently unemployed, have
bad credit and need a car. What do I do?
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If you need a car, but have bad credit and are currently unemployed,
there are some steps that you can take that can get you behind
the wheel of a used car, or in some cases, even a new car.
If you need a car and have bad credit, you should consider getting
a bad credit car loan your ultimate end game. There are many financial
lenders, both online and offline, that specialize in helping people
credit get auto loans, and that's what you're shooting for.
To qualify for a bad
credit car loan, there are a few basic requirements: you must
be 18 years old or older, and you have to have steady job. So
the very first thing that you need to focus on to get behind the
wheel is to get that steady-paying job.
Getting that steady job will not only satisfy the core requirement
for getting approved for a car loan, but it can also tie in with
you building up your credit rating again.
Now that you've got that steady paying job (and by the way, if
you're in the military, that's considered your steady paying job),
put in some time. Lenders differ on the exact number of paystubs
that they'll require before approving a car loan, but many are
flexible. Essentially, you'll need to show a car dealer a history
of your pay stubs that demonstrates that you have a steady paying
job - some need at least two, others might need more.
Now that you have proof of your steady paying job in the form
of your paystubs, you can use that job to procure a car
There's something else you can do to get back on track - at the
same time that you get that steady paying job, you may want to
consider taking this other step that will help improve your credit
score. Apply for a secured credit card. Basically, a secured credit
card uses a collateral deposit that you make initially and sets
your credit limit to that deposit amount. If you use the credit
card very sparingly - only enough to show a small degree of activity
- but make faithful and timely minimum monthly payments on it,
in two or three months, you'll have some positive credit items
on your credit report which car dealers will look favorably on,
since most lenders need to get some idea of your credit habits
before they'll approve your car loan.
Now you're ready to apply for that car loan. Our advice is to
get a current copy of your credit report and take that with you
to car dealerships. Ideally, having your own copy will prevent
many from running your credit report needlessly, an act which
when done to many times will only lower your credit score even
By the way, an auto loan can have one of the most positive impacts
on your credit score. If you honor your car loan agreement and
make steady payments, after six to twelve months of making those
timely payments, your credit rating and score will shoot up considerably.
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