Auto Loan Qualification and Advice

[Anonymous]

I am looking to get a $15,000 vehicle that I would need to finance with maybe $3,000 down. My scores are on their way up toward 700 and should be about that by this Fall when I would want to start shopping. I don't have any public filings or collections. I have one CC with $1,000 limit and always PIF and a $500 reserve line that I never use. It's the age of credit thats the problem at less than 2 years. And I have an average of 5 or 6 hard inquiries. I also have some student loans that are not due for a few years.

Would I be able to get a loan for about that? But the problem is income. My yearly income is only about $14,000!!!

[Mike360]

I don't believe you would get approved without a co-signer. Also, I wouldn't suggest getting a loan in that amount on that limited income. Just my 2 cents.

[Anonymous]

Ya, my brain tells me the same thing. My buying impulse tells me another unfortunately! Thank Mike360.

[E150GT]

Yep, my car was financed out the door for 12,300. My monthly payment is 224 plus gas and insurance comes out to about $500 a month just to own and operate a vehicle. Not gonna be easy on 14k a year