Financing a Car with SSI or Disability Income

Subprime car loans have become very popular among lenders, but auto financing for people SSI and disability incomes still remains a touch subject for most finance companies. Things become even more complicated if you have bad credit, but that doesn't mean that you can't get a approved. However, applying for financial assistance with this type of fixed income will require you to meet a different sort of stipulations.

How to Qualify for Car Loans with SSI

The thing about having a car loan with disability or social security income that dealers don't like is that they are not allowed garnish your wages if you miss payments on their loan. So, the easiest way to make a lender feel comfortable is to acquire some sort of wages with a W-2 form as a secondary income.

This should be an easy for those who are physically able to work, but for those who are not have still would like to finance a vehicle with a disability income you may have to use a cosigner. Your cosigner can typically be anybody, as long as their credit and income status is much better than your own. A dealer will usually use a cosigners income and credit status to determine your rates, while you are still solely responsible for making timely payments.

Failing to meet your payment dates will result to damage to you and cosigners credit status, and could possibly result to repossession if payment is withheld to long. Otherwise, this is perfect way to receive special vehicle financing with SSI and disability. It's also important to make sure that your residential history is consistent, and that there are no serious red flags on your credit report which could make the loan process more complicated.