Need help

[Remember0]

I vote different dealership, ask for the finance manager and tell them it's because you're a student and want to ask about something particularly realted to income. Though what he's saying does make sense...I can see why lenders don't want to include that. Get a second opinion and watch out if the new guys are just overeager to sell you a car (sometimes they promise the moon, and way underdeliver.)

And with commission added, does that bring yearly income above 18k? (1.5k/month)?

[Hamze]

I can see why as well I will just call around and see what they say then. Will my commission checks it will get me near 1.5k/month but I doubt over because it depends on how well my whole team does so really I don't think I will pass it. But I didn't see that part of the post before sorry.

[Remember0]

Below 1.5k is tough. I mean I think Santander officially does consider those apps, but man the interest rate might not be great. See what the next dealer says and your local bank/CU. If one of them takes it, it'd be great.

[Hamze]

I see well I have someone else if I need a cosigner I have one but I will do my best I hope financial aid counts. I will let you know what happens though! Thanks for your help I really appreciate it!

[Remember0]

Yeah, no problems. A cosignor probably does solve this problem as long as they don't have a TON of debt since we can add their income into the equation. But as you could probably tell, I don't like going that route (both cosigning and having someone else cosign my apps) personally haha. If you don't care, that's obviously fine.

[Hamze]

I don't like it either but we will see what happens. How high might the interest go if my income falls short ?

[Remember0]

With Santander in particular, 15% wouldn't surprise me. More realistically maybe 8-12%? Also they might not be able do do a new car (long story, but Santander charges loan acquisition fees to dealers that new car dealers essentially can't afford to pay on new cars because the margin is too small).

Also would not surprise me if they just refuse financing on even a used car. LikeI said, below 1.5k is unfortunately a very tough situation as far as lending is concerned.

[Hamze]

Well I'm really set on getting a new car because I want to invest in a car that will be more essentially from begging till the end pretty much. But anywhere around 6 or 7 would be okay but we will see though. Thanks once again for your help it was really helpful!