With bad credit, you may be worried if you can get a car loan. If you have a low income, it may be even more tricky to get the financing you are looking for. So how much money do you have to make to qualify for a car loan? Their isn’t a clear answer to this question since their are a million and one variables. First off, the lenders are only going to allow a monthly car payment that you can afford. A bank will usually only allow between 12 and 18% of your gross monthly income for a car payment. To calculate your income click here. Each lender has slightly different programs and each dealership may have different lenders that they work with. Some lenders will also assume minimum monthly expenses to calculate your budget. If they assume $500 a monthly for rent, $500 a month for expenses, and then add any installment payments on your credit file you may not qualify for a car loan if you have a low income. If you make less than $1,500 a month, you may have difficulty getting an auto loan because of the minimum budgeting many lenders use. If you have someone that can sign on with you they may allow both incomes to be used.
Bad Credit Auto Loans – Bad Credit Car Loans Blog
Helpful tips and information about bad credit auto loans, bad credit car loans, car loans after bankruptcy, and first time buyer car loans- Comments (0)
- Trackbacks (0)
No one has commented yet.
No trackbacks yet.
