Introducing our newest video blog: “Can I Get an Auto Loan with Disability or Social Security Income?” The journey to securing an auto loan can be particularly challenging, especially if your primary income source is disability or Social Security payments, and if your credit score is less than stellar. But fear not, as we delve into this complex landscape to provide clarity and guidance.
Here’s the scoop: Disability and Social Security income are protected from garnishment, which means lenders are cautious when faced with applicants relying solely on these funds. However, hope remains on the horizon. While lenders may initially approach such applications with caution, there are scenarios where specialized lenders catering to bad credit situations may offer a lifeline. Factors such as supplementary income from employment and a solid employment history can bolster your case, increasing your chances of loan approval.
Furthermore, stability plays a pivotal role in the lending equation. Demonstrating a consistent residency history and attributing bad credit to isolated incidents, such as medical emergencies, rather than chronic payment issues, can sway lenders in your favor. Nevertheless, navigating the terrain of auto loans with Social Security or disability income, especially amidst credit challenges, presents its own set of hurdles. But fear not, as our video aims to illuminate viable pathways forward, offering insights and solutions with the support of Onyx Financial.
Can I Finance A New Car with Bad Credit? – Video Transcription:
”Securing an auto loan can pose quite the challenge, especially if your primary source of income stems from disability or Social Security payments. And trust me, things get even trickier if your credit score isn’t exactly glowing. Here’s the deal: Disability and Social Security income are off-limits when it comes to garnishment. So, if you default on your car loan, lenders can’t touch those funds to cover what you owe. Because of this snag, lenders tend to tread cautiously when they see applicants relying on disability or Social Security income.
But don’t lose hope just yet. There are a couple of situations where a lender specializing in bad credit might give you a shot. If you’ve got other income sources that could be tapped into if needed—like earnings from a job—that could work in your favor. The longer you’ve been on the job and the more you rake in, the better your chances. And here’s another angle: stability matters. If you’ve got a solid track record of living in one place for the long haul and your bad credit stems from a one-off situation, like a medical emergency, rather than a habit of late payments, lenders might be more inclined to give you the green light.
But let’s be real: navigating auto loans with Social Security or disability income isn’t a walk in the park, especially when your credit’s taken a hit. But hey, with a bit of help from Onyx Financial, you might just find your way to that dream ride.“