10-15-2013 02:30 PM
I'm in a situation where it would soon be avisable to get a new (used) car. Anything really reliable is more than what I have saved. I'm a full-time student, get by on financial aid and a part-time job. I have almost no overhead, so I can use most all of my small paycheck for my car payment. As well, I will return to full-time work when I graduate this summer. I'm one year out of BK (as of Nov. 6th), with fair scores, but a very low income, as noted. Here's my concern and questions:
With a gross income of about $1000/month (net of about $750), would this make my income too small to get approved for a loan allowing payments of between $200 and $250/month, for about five years? I was thinking applying through Capital One, as they "preapproved" me a year ago when I came out of BK. I had no income then as I was only doing school (heavy academic load).
If a lender is concerned about my low, part-time income, my girlfriend said she would be willing to cosign; however, her DTI right now is considerable. She has a car payment and a mortgage and cut back her work hours while finishing her graduate program. Although her credit is better than mine, her DTI is an easy 50%.
I can make my payments, there's no problem there. I just don't think they'll approve me with such a meager income at the moment, and my only feasible cosigner has a high DTI.
10-17-2013 04:07 PM
Thanks, but do you think they would even approve it with my part-time income that low and with her debt-to-income that high?
I also realized I have an unpaid tax lien that I'm paying down, but that might also affect it, idk.
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