4ntvings

iTrader: (6)

Does anyone have insight whether or not a retired person, on social security, would qualify for an auto loan?

i have a relative may be in the market for a cpo toyota in the so cal region and ss is the only income.

thanks in advance!

mods: feel free to relocate if not correct section.

KillaIS250

iTrader: (1)

I've heard that you can, but it depends on how much you get from Social Security and what your other expenses are monthly as well. I'm guessing you'd likely have to put down a decent deposit also (~20%). I would just give the finance department at the dealership a call though for your relative and see what they say. I'm sure they have dealt with the situation before and can let you know their experiences.

Joeb427

iTrader: (1)

Killa is correct.Though I don't believe a 20% down payment is needed.It's more the
ability to repay the loan with present income/debt and credit score comes into play.

4ntvings

iTrader: (6)

thanks for the input!

ya, i'll give them a ring and see what they say. i just want to avoid the pushy sales saying we'd have to pull your credit and check this/that first before we can start any discussions.