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No Income Verification Car Loans: Ways to Get a Car Loan With No Job

No Income Verification Car Loans: Ways to Get a Car Loan With No Job
Kelly Boyer Sagert
Kelly Boyer SagertUpdated March 13, 2023
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
You may get a car loan without verifying your income. Some lenders might not require proof of income if you have a cosigner or good credit. Getting an auto loan without proof of income may also be possible if you own valuable assets. Below we explain how this can work in practice.

Can I Get a Car Loan With No Income?

Getting a car loan with no income may be possible if you own valuable assets. People with sufficient savings or net worth, for example, may qualify for auto loan financing even if they have no wages or pay no income taxes. That’s because private lenders may consider an applicant’s wealth and disposable income when deciding whether to approve or deny a car financing application.There is a difference between a car loan with no income and a no-income-verification car loan. They definitely don’t mean the same thing. The first is suggesting that you have no income while the second seems to say that it will be difficult to verify your income. Plus, having “no income” can mean that you have no income coming in from paid employment (but you may have income from other sources) or it could mean literally no income at all.In general, lenders want to minimize their risk by approving loans where the borrowers will pay what they owe on their car loans and not approving ones where the consumers won’t have the capacity to make that happen. How each lender defines “income” and what’s considered to be enough can vary significantly by the financial institution.

What Is a Car Loan With No Income?

A car loan with no income is an auto loan that doesn’t require proof of income. If you’re wondering how to get a car loan with no proof of income whatsoever, then you may have more success at a local dealership that both sells and finances its vehicles. When you go that route, you’ll make payments directly to the dealership rather than go through another financial institution.Be aware: These types of loans typically come with higher interest rates and fees. The repayment term and warranties may be shorter and repossession may happen more quickly if you can’t meet your monthly obligation.

Getting a Car Loan With No Proof of Income

Because lenders want reassurance that you’ll be able to pay back a car loan, if you have no proof of income, you may need to go one of these routes to get loan approval:
  • Cosigner
  • Cash-out auto refinance
  • Leverage good credit scores
  • Other income sources
Here is more information about each of these strategies:


When you have limited income or can’t prove your income, a car loan cosigner might be the right solution to get car loan financing. A cosigner is someone who agrees to share the responsibility of paying the car loan and, if the cosigner’s financial and credit scores are acceptable to the lender, this may lead to loan approval even when you can’t verify your own income.

Cash-Out Auto Refinance

You may apply for a cash-out auto refinance if you already have a car loan. This lets you borrow against the equity in your car to get cash for another purpose. A cash-out auto refinance, for example, may give you financing to cover medical bills or home repairs. You can refinance a car loan with a cosigner.

Good Credit Score

Lenders generally look at two main factors when deciding whether to approve a car loan: income (which, for the purposes of this article, is problematic) and credit scores. If one of these two factors is acceptable to a lender, this may help to overcome some of the challenges with income. A good credit score can also help you secure a good interest rate on a car loan.

Other Income Sources 

Perhaps when you say you have “no income,” you’re referring to job-related income. And, although individual lenders have their own requirements for their car loans, there are other forms of income that they’ll likely consider. These can include retirement or pension income as well as disability and Social Security income — and money from investments, including rental properties. If you’re self-employed, even part time, you can often use this income to qualify.You can list child support and alimony, too, although you aren’t required to disclose these types of maintenance support income.If you aren’t sure whether you’ll meet the guidelines for a particular lender, then requesting an auto loan preapproval can help. In this process, the lender will let you know what potential offer they’re likely to make, including the amount they’d be willing to finance. This is a conditional offer, but preapproval estimates can still provide helpful benchmarks for you as you seek to get an auto loan.

How to Refinance a Car

Here are tips if you want to know how to refinance an auto loan
  • Ahead of time, you’ll want to find out whether a lender offers no income verification auto refi loans and whether you’ll meet their requirements.
  • Check to see whether your lender charges a prepayment penalty fee, because refinancing pays off the original loan early and replaces it with a new debt.
  • You may find auto refinancing that’s right for you by shopping around and comparing rates.
  • Borrowers may refinance for a lower interest rate, lower car payments, or extra proceeds from a cash-out auto refinance.

Where to Get a Car Loan With No Income

Private lenders may offer car loans with no income verification. You may need good credit or a creditworthy cosigner to get approved for a car loan with no proof of income. Nonbank financial institutions may provide these loans to borrowers with sufficient wealth. A car loan with no income can be based on the assets you own rather than wages from a job.

The Process to Get a Car Loan With No Income Verification

The process to get a car loan with no income can be challenging. You may begin the process by searching for a lender that offers car loans with no proof of income. You may need to present proof of identity and proof of residence. Borrowers may not need proof of income if a creditworthy cosigner brings proof of income to the table.Some lenders may offer no income verification car loans if you have assets or cash that doesn’t come from a job. Not all lenders will be open to making this type of loan and those that are may have different requirements and processes.Recommended: How Auto Loans Work

The Takeaway

There can be significant differences between getting a car loan with no income whatsoever and getting a no income verification car loan — with each person’s financial situation driving the situation. Someone might get loan approval when they aren’t currently employed if the person has other income sources. This can be true when buying a car and when refinancing one.If you’re looking to refinance your car loan, Lantern by SoFi can help. Simply by filling out one online form, you’ll be able to compare auto refinancing options from multiple lenders.Find and compare auto loan refinance options with Lantern.
Photo credit: iStock/Orachon Paksuthiphol

About the Author

Kelly Boyer Sagert

Kelly Boyer Sagert

Kelly Boyer Sagert is an Emmy Award-nominated writer with decades of professional writing experience. As she was getting her writing career off the ground, she spent several years working at a savings and loan institution, working in the following departments: savings, loans, IRAs, and auditing. She has published thousands of pieces online and in print.
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