That's going to be a hard sell. I wish I had better news for you. Probably not impossible as it is slightly better than a $16K car making $16K. But typically you don't want to purchase a vehicle that cost the same as your salary. Can you afford a $550 car payment?
I sure can. I only pay my cell phone payment, gas, and food. I probably spend less than 10% of my monthly salary
I guess I should add, get your debt to income ratio as low as you possibly can before applying. If you get your scores to 700, they may let you lease the base model with no upgrades.
My debt to income ratio should be 0% by end of this month. Also, would it be wiser to go with a certified used vehicle?
No rent? Is that solid for the next 5 years?
Yup. No rent for the next 5 years and nothing would probably change in the next 5 years
Lastly, if you don't mind the higher payment with financing, you could give it a try now after you minimize your debt. Later on, you could always refinance the lower principal in 3 years if you happen to need some of your money back for an apartment, condo, whatever.
Thank you for all the replies. I'll try next month after I check my scores. I tried the FICO score simulator and the simulator showed I should be anywhere from 680~720. I don't know how accurate the simulator is but once my FICO score is updated next month, I'll give it a shot.