I’m planning to buy a 2010 Nissan Altima in May, 2010. Wondering if I can get an auto loan without a source of income. I have many relatives who are willing to be my co-signer. In this case, can I get an auto loan. Does IRS get involved in the process?
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{ 7 comments… read them below or add one }
You can get a loan if your co signer has a good credit and a job. if you don’t make a payment, the co signer has to pay the monthly payment.
Possible, if the co-signer is going to make the payment or has capability to make the payments
You can if the co-signer is willing to take on that debt. As long as they have a source of income, should be able to do it. I must say though, I feel bad for anyone that has to take that debt for you.
this car you have been dreaming about for 2 years….no one in their right mind will cosign a loan for you…noone…stop dreaming and wasting everyones time about this
you can if they co-sign because if you dont pay then its on the person who co-sign an if they dont pay it ruins their credit. so if they do co-sign for you. Pay.
If your cosigner could qualify for the loan without you, then it doesn’t matter what your standing is.
However, understand that it is a very bad idea to get anyone to cosign for you. If something goes wrong, they’ll be on the hook for the full amount. This sort of thing can tear families apart and ruin friendships forever. Also, if you have no source of income, how would you figure on paying the loan installments?
If it were me, I’d ride a bike or take public transportation until I got a job, and could save up enough to buy a car. If all I could save up for was a 2001 Sentra, I would get that.
Sorry, but no. All the previous answers saying yes will lead you to more disappointment.
The person on the loan is a CO signer. that means they are agreeing to take on the debt should you default. You are the primary on the loan. The bank still wants YOU to qualify with income, job history and some credit before they will accept you on the contract. It does not matter if your co-signer makes $50k / month.
the person who signs on may be able to get it under THEIR name, and *maybe* put you on secondary. Even that is a longshot since you have no proof of job or income.
Sorry, but credit has to be earned. If you have no proof of income, why would anyone hand you a $20k+ loan?