I am can I afford a use truck loan for around $10,000 to $12,000 I been on my job a year. My gross yearly salary is $19448, I gross $1496 a month it will be around $1500 a month when I get my 30 cent raise. I been working on building up credit for 5 months with my Capital one secured credit card and a $1000 share secured loan from my local credit union. I am trying to save 20% downpayment. I hope I have a credit score next months since one of my accounts will be done hit the 6 months mark.
So getting a loan on 1.5k/month income is possible, but tougher than 2k. The 1.5k is before any taxes right? No need to despair though, it can be done especially because of the down payment and the fact you only want 10k-12k.
What's your rent/mortgage? And the payment on that 1k loan monthly?
Yes thats before taxes, I live at home with my parents so I dont pay rent or mortage. The 1k loan is $86 a month.
Gotcha. So a few lenders accept 1.5k. DCU I know has given a prior member with a income close to what you have a ~15k approval. But you need a decent FICO. Keep paying the loan and the cards, and keep util on that card low (ideally <10%). I'd probably try with DCU first tbh and wait to see what they say.
If not DCU, Roadloans maybe another alternative, though their APR will likely be higher than DCU. Actually, I'd look into that CU you have a secured loan with first before Roadloans. Or you could try them even before DCU honestly.
Should I wait till Aug till my $1000 loan reports as 6 months old?
I think the important thing is going to be you getting a FICO score. So at least ONE of your credit accounts will have to be six months old. But like no, if your cc gets to the age of 6 months in say June, I don't think you will have that much to gain by waiting till the installment is six months. It certainly won't hurt (as long as you pay everything on time), but I also don't think it'll be the difference between decline and approve at most banks. Auto lending is incredibly FICO and income driven imo.
I just pay my credit card bill today, will my statement report as 0 blancen for June.
Did you pay it such that even all of your renent charges are paid off? If so, yes, your next statement will show 0 (provided you don't use it and fail to send more money to cover the usage). Shortly after the statement with a 0 balance cuts, your credit report will show 0 balance.
What day do your statements come out every month? Unless they usually come out on the 1st-5th, your May statement should show zero, so you don't even have to wait till June?
It come outs on the last of the month. I pay my balance in full, but I would still wait to June for a credit score. I have made a payment for Jan, Feb, Mar, Apr, and May.
Gotcha, yes, that makes sense.