It can be difficult to get approved for an auto loan if your income is Social Security because subprime lenders require your income to be taxable, which SSI isn’t. In order to get approved, you either have to have an additional source of income that can be taxed, or a cosigner or co-borrower that earns taxable income.
Also, how can I get a car on SSI?
Things to help you buy a car on disability
- Keep A Regular Check Of Your Credit Score. Keeping track of your payments is always a good idea. …
- Demonstrate An Income Other Than SSDI. …
- Convey The Lender About “Situational” Bad Credit. …
- Get A Co-Signer For The Loan. …
- Choose A Vehicle Where The Monthly Payment Is Affordable.
People also ask, can I get a loan if im on SSI?
A loan could change your Supplemental Security Income (SSI) eligibility. According to the Social Security Administration, a loan is not considered income. … So if you get SSI, don’t apply for your loan before you need it and consider applying at the end of the month.
What is the SSI income limit for 2020?
$794 per month
Can SSI cut you off without notice?
The Social Security Administration cannot cut your benefits without notice.
How far back does SSI pay?
Retroactive benefits generally may not be collected for more than 12 months. If you add this year of retroactive benefits to the five-month wait period, the farthest back that Social Security will recognize a disability onset date is 17 months before the application date (12 + 5 = 17).