Credit Cards Center Credit cards from our partners
Reply
New Contributor
Posts: 57
Registered: ‎09-14-2010
0

I need an auto loan, but I have a low income.

Looking for a car that's 10-12k, my Ficos are all above 630, but I can't verify income of more than $800 a month..

 

Who would finance this car for me..?

09/26/2010
EQ: 634

08/28/2014
EQ: 652
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: I need an auto loan, but I have a low income.


ShinBeats wrote:

Looking for a car that's 10-12k, my Ficos are all above 630, but I can't verify income of more than $800 a month..

 

Who would finance this car for me..?


 

No one. A $800 a month income would be about $650 after tax. a 12K car would be about $600 a month. The numbers do not work.

 

I assume your non verifiable income is much more? If so you may need a co signer or to have someone to purchase the car for you (straw deal).

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
New Contributor
Posts: 57
Registered: ‎09-14-2010
0

Re: I need an auto loan, but I have a low income.

I mean, I'd obviously apply for generous months. The way I had it calculated out at 60-72 months, my payments would be less than 300 a month. The 800 is after taxes.

09/26/2010
EQ: 634

08/28/2014
EQ: 652
Epic Contributor
Posts: 28,794
Registered: ‎10-23-2007
0

Re: I need an auto loan, but I have a low income.

 


ShinBeats wrote:

I mean, I'd obviously apply for generous months. The way I had it calculated out at 60-72 months, my payments would be less than 300 a month. The 800 is after taxes.


correct 12k would be between $260-325 for 60 months based on interest rate.  Most time car dealerships do not ask for income verification but if you tell them $800 you are never going to get approved.

 

New Contributor
Posts: 57
Registered: ‎09-14-2010
0

Re: I need an auto loan, but I have a low income.

[ Edited ]

Well I do tell them more than that >_>;; but they always want verification since I don't have the best credit score.

 

When I pay off my cards come march, my score calculator said my scores would be around 670-690, do you think I should just wait until then, when it'll be less likely they need income verification?

09/26/2010
EQ: 634

08/28/2014
EQ: 652
Moderator Emeritus
Posts: 5,279
Registered: ‎03-18-2008
0

Re: I need an auto loan, but I have a low income.

 


ShinBeats wrote:

Well I do tell them more than that >_>;; but they always want verification since I don't have the best credit score.

 

When I pay off my cards come march, my score calculator said my scores would be around 670-690, do you think I should just wait until then, when it'll be less likely they need income verification?


 

Someone just posted this article over in Credit in the News that might be relevant to your situation.  It's an older article, but perhaps still valid.

 

Lying on a Car Loan Application Is a Bad Idea

Moderator Emerita
Posts: 3,090
Registered: ‎08-09-2008
0

Re: I need an auto loan, but I have a low income.


ShinBeats wrote:

Well I do tell them more than that >_>;; but they always want verification since I don't have the best credit score.

 

When I pay off my cards come march, my score calculator said my scores would be around 670-690, do you think I should just wait until then, when it'll be less likely they need income verification?


I'm fairly certain that you'll need to verify your income no matter what. And, as the previous posters have mentioned, lying on an application for credit is not going to end in good things for you. Even if you got the car, which I seriously doubt, it'd likely end up reposessed.

 

How much cash do you have saved towards a car purchase?

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0

Re: I need an auto loan, but I have a low income.

OP, you mentioned that you cannot verify income of more than $800. Does that mean you have more income you aren't willing to verify?

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: I need an auto loan, but I have a low income.

[ Edited ]

people I am so sorry I have no idea where I got $600 on a 12K car From. Was completly sober. i am thinking I had a small stroke.


Actually I probably just got my numbers confused that the 800 in income would be @ $600 after tax and the car payment and insurance would be close to $400- but anyway.

 

The fact of the matter is 800 in income is not enough to support a loan. You need to consider other options, do you have other non supportable income?

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Epic Contributor
Posts: 28,794
Registered: ‎10-23-2007
0

Re: I need an auto loan, but I have a low income.

Car Max did not ask for income verification

Capital One did not ask for income verification either

and Nissan/Infiniti does not usually ask

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.