When a person has no job he may find it difficult to take out a loan. This is because the lender may be unconvinced that the person will be able to pay the loan back, as he does not have much, if any income.However, he may be able to take out a car loan if he can provide the lender some alternative reassurance that he will pay back the debt.
Down Payment
A finance company will generally seek a down payment for a car loan, regardless of the borrower's financial or credit history. However, a person who does not currently have a job may have to make a larger down payment. Not only does a down payment allow the lender to recoup some of his money, but it allows the lender more security because he knows the borrower has already put money into the car.
Credit Score
Any lender will also want to know a borrower's credit score. As a borrower's credit score will not be affected by her employment status, a good credit score can go a long way to convincing a lender to loan the person money. A good score will show that she has paid back loans in the past, meaning that she is financially responsible. This can partially offset a lack of income.
Assets
In lieu of income, a borrower may be able to show a lender that he has a large amount of assets, such as savings or a portfolio of investments that, if push came to shove, he could use to make payments on the car loan. This may help satisfy the lender that he is financially capable of paying back the loan, although a large number of assets is not as valuable as a steady income.
Alternative Income
Just because a person does not have a job does not necessarily mean that she is not making any money. Many people who are unemployed still have money coming in, such as through severance payments, unemployment insurance and returns from investments. Showing these to a lender may convince a lender to make the loan, particularly if the income is not just temporary like unemployment benefits but steady, like income from a rental property.
You share a very helpful information on your blog. can you please write another article on best loan in Dubai UAE.
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