Applying for a Car Loan When You Live Off of Social Security or Disability Income

Posted: Monday, October 22nd, 2018

Many lenders are reluctant to finance someone whose income is based solely on social security or disability. If you happen to have a bad credit score, the odds against you securing a loan are even greater. Here at Green Light Auto Credit we specialize in providing loans to those who are living on a fixed income. We believe that even if you have a less than ideal credit rating, or have experienced bankruptcy, you should still be able to get the car you need.

Things to Know Before You Apply for a Loan on Social Security or Disability

The following tips will make it easier for you to secure a car loan if you are living on a fixed income:

Green Light Auto Credit Older Couple and Son Get New Car
  • Know Your Credit Score: It’s always a good idea to regularly check your FICO score in order to make sure that the information is correct. That way you can avoid any surprises when you apply for a loan.
  • Prepare a Down Payment: Try to save up for a down payment. It will help you get a better interest rate on your car loan.
  • Situational Issues: If your credit rating is bad because of a situational issue such as medical bills, you should disclose this to your lender. It will show them that your poor score is not due to simply neglecting your payments.
  • Second Income: If you have a fixed income, lenders will not be able to garnish wages in the event of a default on your loan. In some cases a second income, even if it’s small, can provide the lender with enough reassurance to sign off on your loan application.

Get the Car You Need Today

A fixed income or bad credit doesn’t have to keep you from buying a car for yourself or your caregiver (if you don’t have a license). The experts at Green Light Auto Credit have considerable experience helping people just like you. Why wait? Fill out our online loan application to get the ball rolling today. Please feel free to contact us if you have any questions.