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Getting finance for a car but unemployed

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  • 03-11-2012 8:31pm
    #1
    honeyjewel
    Registered Users Posts: 1 ✭


    hi i bought a car on finance before when i was working but then had to leave my job but i still carried on with my payments with the payment i was getting frim social welfare i finished paying the finance and never missed a payment even though i was unemployed .
    Anyways the car is starting to cause problems now and i want a new one so i plan to trade it in but i will only get around four grand for it so i wound need a finance for say six grand to get something worthy enough .
    my question is will i get finance for a car now im not working even though i wasnt working with my last finance either and still kept up the payments ?
    Tagged:


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    #2
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    Unlikely. The difference before was you had a job when you got the finance so even though you could keep paying after loosing your job, you already had the cash/car. Now when you go you'll be applying as an unemployed person so you will be seen (rightly or wrongly in your mind) as a significant risk.

    See what they say though.


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    #3
    sparklicious
    Registered Users Posts: 18 ✭sparklicious


    Hi Honeyjewel, Working in the finance sector I can suggest with some degree of certainty that you will not be considered unfortunately. You have to prove you are able to make payments from your current salary which is SW.

    There is a minimum standard of salary required before lending can be offered. You must be in full time employment or part time with a minimum of 15 hours(?)pw. Banks have to be able to prove in the event of you not paying, that they assessed your income and can say you showed clear income minimum standards.

    You can try of course. Each application will be based on its own merits. perhaps a spell with the credit union might be a better option.


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    #4
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    You'll get a worthy decent car for 4k, ask over on the motor forum for reccommendations. IMO you would be crazy to take on 6k debt whilst on such a limited income.


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    #5
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    honeyjewel wrote: »
    Anyways the car is starting to cause problems now and i want a new one

    You may be better off to keep your current car repaired and in running order until you are more financially stable again.

    If you had savings and were using your own cash to get a new car, I'd say fine. But you're looking to take on debt whilst unemployed. I don't think that's a very wise move.


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