Like taking out a loan, buying a car on SSI is possible, but there are limitations to note. If you’re an SSI beneficiary, your household is allowed to own one car, so long as it’s used as a means of transportation for you and others in your house. … There are no restrictions on the car’s make, model, or value.
Keeping this in consideration, can someone on disability buy a car?
Yes, there are some lenders who will consider your application if you are on a disability pension. As long as you have an income, usually of over $400 a week, there are lenders that are willing to supply you with a loan. … Yes, there are some lenders who will consider your application if you are on a disability pension.
Considering this, do I have to report buying a car to SSI?
We don’t count the value of your home if you live in it, and, usually, we don’t count the value of your car. We may not count the value of certain other resources either, such as a burial plot. To get SSI, you must also apply for any other government benefits for which you may be eligible.
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.
How can I get a disability car loan?
You can apply for an auto loan while on disability without jumping through any special hoops. Most car loan lenders have a minimum credit score requirement and simply run a credit check to see if you qualify. Some will also verify your income.
How can you hide money from SSI?
How to Avoid Being Cut Off SSI Benefits When You Get a Sum of…
- Buying a home or paying off a mortgage, if the SSI recipient is on the title or has a lifetime agreement to be a tenant of the home. …
- Buying a car or paying off a car, if the SSI recipient is on the title.
- Buying homeowner’s insurance or car insurance.
How much can your car be worth on SSI?
The SSA is not concerned with the value of the vehicle. Owning one $20,000 car won’t count hurt you. However, owning two cars that are valued at just over $1,000 will count against you.