Survive A Layoff Homepage

Question: Will being laid off until july affect my ability to get a car loan in august?

(Posted by: Amanda Juel on 2010-02-19 12:30:25)

My husband and I are going to need to take out a loan for a car in August 2010 and was wondering how being laid of from Sept 2009 until May 2010 will affect this. We will have another car loan and house mortgage but good credit and credit cards paid off. Will being laid be the same as no job stability and work against us? WE have three kids and our fourth is due in Aug. We need a van and want something dependable and new to keep for some years to come. MY HUSBAND WILL HAVE A JOB THIS SUMMER AND IS LAID OFF CURRENTLY. So the question is the fact of being laid off being considered a job gap when a loan is in question? P.S. some people aren't as fortunate to be able to save up $15, 00 in cash :) Sorry $15, 000*

Posted by: ~ Violet ~ on 2010-02-19, 12:32:54

Every Finance company has different qualifications... It Could & then again it may not. It will however depend on if you have a job at the time of the new car loan!

Posted by: Rick B on 2010-02-19, 12:34:44

Why will you NEED to take out a loan for a car? Don't FINANCE depreciating assetts!!!! Buy a good used car for cash.

Posted by: Visualize Whirled Peas on 2010-02-19, 12:44:10

I'm confused, you're preparing to take on debt while knowing that you will soon be unemployed?

Posted by: Kengem on 2010-02-19, 13:00:16

I don't think the lay off will be a huge factor since so many have been laid off in the last year. They probably will look at how you have managed your debts during the lay off period as a key indicator of how you would pay on the new loan. I do agree with another person, and would encourage you to get a vehicle that won't require a loan.