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Low Income

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KaylaKML
New Member

Low Income

I just want to let everyone know, that you can get approved for an auto loan with low income from a regular credit union. Everybody I asked said I would never get approved for a 1-2 year old car. That I would have to get a junker. I got approved a few days ago as a full time college student for a loan amount of 11890, and a income of 10-12k a year. I make 1100 before taxes, or 900-1000 after taxes a month.

I don't have any bills to pay, but most places still thought that was too low an income. One place gave me a lone of 4000 which still wasn't enough. I got it though Smiley Happy And gt my dream car, all in my price range. I didn't have to pay more than I liked each month. So it can happen Smiley Happy
Message 1 of 7
6 REPLIES 6
pizzadude
Credit Mentor

Re: Low Income

 

Congrats !   What terms did they offer for the loan ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
college22c
Valued Member

Re: Low Income

Congratulations...Enjoy the car.

Chase Freedom (5K) Discover It ( 5K) Discover it Miles ( 1,250K) Chase Sapphire (5K) Chase Amazon (2K) Quicksilver ( 3K) Quicksilver x2(4,300K) Venture Rewards (10k) Amex Green ( Charge) The home Depot (1K) Barclaycard Arrival (3,300K) BOA cash rewards (1,500K) US Bank Perks+ (1K) US Bank Cash ( 3K) Citi Bank Double Cash ( 1,200K)
Message 3 of 7
KaylaKML
New Member

Re: Low Income

Terms were 7.45%, 72 month loan. With my low income I didnt qualify for the 48 or 60 month sadly. Even though I will pay it off in 3 years maximum. 

Message 4 of 7
Shogun
Moderator Emeritus

Re: Low Income

Nice work,, congrats!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 7
MacChavez
New Member

Re: Low Income

Hi. I'm new to the forums. In a similar situation. Make 1200 a month after taxes and have no bills besides netflix. Did you have a co-signer ?
Message 6 of 7
CJIII29
Regular Contributor

Re: Low Income

Nice work, congrats!

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 7 of 7
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