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Valued Member
ShinBeats
Posts: 38
Registered: ‎09-14-2010

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

06/08/2014
EQ: 638
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

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,
Valued Member
ShinBeats
Posts: 38
Registered: ‎09-14-2010

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

06/08/2014
EQ: 638
Mega Contributor
Creditaddict
Posts: 18,854
Registered: ‎10-23-2007

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.

 

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Valued Member
ShinBeats
Posts: 38
Registered: ‎09-14-2010

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

06/08/2014
EQ: 638
Super Contributor
Lel
Posts: 5,268
Registered: ‎03-18-2008

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
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

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?

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Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

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
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

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,
Mega Contributor
Creditaddict
Posts: 18,854
Registered: ‎10-23-2007

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

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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