Auto loan

[Anonymous]

I have a credit score of 725 (TU) and I don't know the other two. My AAoA is 8 months according to creditkarma
Would I be able to finance a used car with a cost of roughly 13000. My only problem is my income, I make at most 20k a year cause I'm in college. Would a dealer overlook my income with my credit score ? Thanks in advance

[webhopper]

Maybe try some first time buyer programs? I believe your income is fine, it's not like you are trying for a 40k car, which some do.

[pizzadude]

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@Anonymous wrote:
I have a credit score of 725 (TU) and I don't know the other two. My AAoA is 8 months according to creditkarma
Would I be able to finance a used car with a cost of roughly 13000. My only problem is my income, I make at most 20k a year cause I'm in college. Would a dealer overlook my income with my credit score ? Thanks in advance

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A couple of questions - do you have any installment loans or previous auto loans showing on your credit reports ?   Also what kind of a downpayment would you be able to do ?   If you purchased your TU score directly from Transunion is not a FICO score ~ you should definately check your FICO scores to see where you stand.

With Income, it all comes down to your DTI, debt to income ratio   Tally up all your monthly expenses ( rent, credit cards, loans, etc... ) and then compare against your monthly income to see how much room you have each month for a car payment.

[Anonymous]

I have never taken out any loan whatsoever, I plan on putting 2000 down and the TU is fico. I know I can afford it monthly but would a lending company even finance me with such a low income? I googled the question and most people say income is more important in auto loans.
Also I don't have a co signer, the interest on any possible consigner I know would easily go up to 18% (bad credit family)

[Mike360]

Dude ur fine don't worry about it. I make $22K/yr and was approved with high util 60% and toyota finance approved me for up to $22,000. Now some places would only give me like $10K-$12K to finance i'm assuming in large part due to my CC debt but your getting used car for half the price at what i was looking at buying.

Your rates won't be the best but as long as you don't have alot of debt and you had good job history you'll get approved.