Memory
can i get car finance on disability benefits
Hi, Math Helper! I was wondering if I could get a car loan while receiving disability benefits.
Hello! Yes, it is possible to get car finance while on disability benefits. However, lenders often have various conditions that need to be met. They usually look at your income, credit history, and if you can afford the loan repayments.
I see. But won't my disability benefits be considered as a stable income?
Yes, your disability benefits will often be considered as a form of income. But remember, lenders often view it in the context of your overall financial situation. That includes considering other expenses, existing debt, and creditworthiness.
So, if my credit history is good and I can continue to make repayments, I could be approved?
Theoretically, yes. A good credit history definitely helps, as well as a clear ability to manage repayments. It's critical to consider all potential expenses and financial responsibilities before committing to a loan, to ensure it is financially viable.
Thanks a lot, Math helper! You've clarified many of my doubts.
You're welcome! Don't hesitate to return if you have more questions. Math can help clarify many aspects of our lives, including financial ones!
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