Senior Contributor
Posts: 3,070
Registered: ‎11-02-2009
Re: Probably a noob question...

There's a minimum amount banks will finance.  I don't know what that number is, but I'm guessing you're probably below it.  When you're talking about a $3K car, you're generally talking about paying cash.  If you have to get a loan, you might have to get a signature loan, which is not going to have a great interest rate.


Auto inquiries that occur close in time to each other will be scored as one inquiry.  Each inquiry will appear on your report, but FICO will recognize them as auto inquiries and will only score them once.  This allows you to shop for the best rate. 


As for your income, if you're not declaring your tips, I don't think you're going to be able to rely on them as income.


Start with a local credit union and see if you can get approved there.  Once you have that approval, see a dealer and let them see if they can beat the deal you were offered by the CU.  But I think you're going to have issues getting less than $3K financed.

Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720

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