For some people, buying a car isn’t as easy as it looks – especially if you have special circumstances, such as no job or driver’s license.
But it’s hardly impossible.
Let’s take a closer look:
1. No job history
Most lenders require proof of income when you apply for a car loan. That’s obviously not possible when you don’t have a job, are self-employed, or otherwise have limited options. That doesn’t mean you can’t buy a car, however, because you have options:
*Pay in cash
This is the easiest option for buying a car when you don’t have proof of income. You’ll still have to fill out the necessary paperwork and pay taxes on the vehicle – but once you pay for it, the car is yours.
*Write a check
You can also write a check to cover the entire cost of the vehicle once you’ve saved enough money.
*Look for appropriate loans
Research the kinds of loans available because some are more flexible and don’t require income verification (no-income verification loans). They will help make financing a Nissan a reality.
McGrath Nissan has online tools to begin the application process. Documents – such as your last two year’s of tax returns and/or your latest checking account statement – may be required instead of proof of income.
You can offer collateral in the form of items that are worth, or exceed, the vehicle you wish to buy. These items can be anything from insurance policies, real estate deeds, and valuables and collectibles. Or, if you own a business, any future payments from customers can be used as collateral when financing a Nissan.
*Get a co-signer
Having a co-signer on the loan is another way to purchase a new or used vehicle without proof of income. You can ask a family member – or anyone you can trust – and they must have proof of income. But make sure you pay off the loan or your co-signer will be responsible for what you owe.
Many lenders will give you a car loan if the co-signer is the sole means of income for your loan. The lender will do a credit check on the co-signer.
2. Buying a car without an Illinois driver’s license
Rules vary – and can be difficult to understand – but the bottom line is that a person without a driver’s license can purchase a vehicle. However, that person may not be able to insure or register it under their name.
Still, at least in Illinois, there’s no law requiring a person to have driver’s license when purchasing a vehicle. Any person with the right amount of money or credit can buy a new or used vehicle, and there are many instances in which or he or she would so, such as gifting a car to someone else.
But remember: it’s unlawful to operate a car without a driver’s license.
Are you thinking about buying a car? The finance department at McGrath Nissan will work with you to get the most favorable loan possible. McGrath serves Elgin, Carpentersville, St. Charles, and the surrounding area.