Advice on getting a car loan

[Bella1980]

Hi,

I would like some advice on getting an auto loan please. My situation is a little unique so I need some advice from pro's.

The car I currently drive keeps breaking down and so I think it is time to get a new me.

My credit scores are all low 700's. I have $5000 to put down, can go up to $10,000 if need be. Ideally I would like to get a 2013 Honda CRV @ about $25k.

Here is the problem, I recently became self-employed a few months ago and am not sure if I will qualify for a loan now. I have monthly income between 8-12k.

Will I be able to get a car loan? Or should I just wait a few months and pay cash?

I also want to pay the loan off in 1-2 years anyways. Would this be an issue?

[700orbust]

scores look good enough and with that size down payment, chances are you wouldn't have to do income verification, etc.

not advising you to do this per say, but in my case, even though i was an officer of the ocmpany, i always listed the company as my employer. Besides, if your tax professional guided you well, you should probably be taking some kind of paycheck, in addition to your distributions. so you really are an employee of your business. 

If they are wary of your new job they may want some kind of income verification. 

Your request is quite modest in regards to the income. So as long as there isn't a bunch of other debt not known, I think you can do it. Auto credit seems to be the easiest kind you can get.

[Dustink]

I am self employed and financed through Subaru. They just asked for bank statements and I pulled them up on their computer. Wasn't an issue.

[Anonymous]

I think it will not be a issue to get the loan if you can co-sign if your father or any other .And also you have to 10K saved for a car purchase, that means you can spend up to 10K, though I'd advise you to spend less

[blackie1]

Hunhh??

[Dustink]

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@blackie1 wrote:

Hunhh??

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lol +1