There is no law prohibiting an unemployed person from applying for unemployed car credit. But in practice, it is difficult for the unemployed to claim it. Alternative solutions exist, however.

Car credit is even justified in unemployment

Car credit is even justified in unemployment

Most of the time, individuals who apply for auto credit while unemployed do so more out of necessity than out of comfort. However, statistics show that these modest households often already encounter financial difficulties: excess reimbursement charges, frequent recourse to bank overdraft to make ends meet, etc. On the strength of this observation, it is understandable that people in precarious situations, like unemployed people, want to apply for an unemployed car loan. Because a vehicle is often essential to claim a large number of jobs!

Unemployed: in practice, can I apply for a car loan?

Unemployed: in practice, can I apply for a car loan?

In practice, not having enough financial resources to take out a car loan is not the best argument to reassure financial organizations. Thus, if the individual who wishes to borrow receives unemployment benefit as sole income, the credit institution will generally be reluctant when applying for car credit. He can pretend that the debt ratio exceeds the threshold of the 33% generally authorized.

However, the law does not prohibit an unemployed person from borrowing money. It is therefore possible for an unemployed person to obtain a car loan, all the more since it may be considered, by some lenders, as an accelerator in the return to working life. The ideal is that the duration of repayment does not exceed the ends of rights of the unemployed.

Unemployment: Micro-credit to apply for a car loan

Unemployment: Micro-credit to apply for a car loan

Some associations support the unemployed wishing to take out a car loan. It takes over from the traditional banking circuit by allocating limited amounts of money, called micro-credits, to unemployed people. Therefore, whether you are following a professional integration project or you urgently need a car loan to have your car repaired, it will become possible, on the condition of valid arguments, to take out a loan without having to present a sheet of pay.

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