What sort of provable income do I need for an auto loan?

[Anonymous]

 Little background... I am a SAHD, though I do work part time making maybe $600 a month provable plus that same amount thats not so provable.. my wife has the job ($5500/month) and in her name we have the mortgage, auto and CC's that puts her DTI around 38%... but may car is about shot, 2001 with 160K miles on it, what does my income need to be so we can run it thru my name instead of hers?? Really need to do this as we plan on doing a refi home renovation on our house and the mortgage will go up.. my current scores are right about 600..

[Anonymous]

Oh... and I am talking about a $300 type payment, nothing fancy..

[cdtotten]

Theres a lot more that goes into your approval than income, and it also depends on the interest rate and term of the loan.

Lets assume 4.99%  for 48 months - at those terms, with a payment of $300.00... you could afford $12,000 worth of car (including taxes, tags, etc). However, if you only have provable income of $7,200 a year... that is going to be a problem for most lenders.

[Anonymous]

My SAHD days are about over, will a bank approve me as soon as I start working?? Or do they want X amount of months of employment?

[Creditaddict]

Navy CU asked for income verification, but when I bought a car at carmax, verification was never asked for.

I don't think a lot of dealers ever ask for verification and a lot of the applications i have filled out asked for HHI, so you could include your wives income since your married...

[cdtotten]

It all varies by lender on who verifies income and who doesn't. For me, Honda did not, my CU did, and Ford did for my wife.

I don't think I would want to lie though about it, and then get it verified to be a lie. That would be bad.