DOES AGE HAVE A FACTOR IN YOUR APPROVAL

[Anonymous]

my qestion is .....am looking to buy a car next summer and my credit is in the high 600 accross and bureau  ...but i will be considered a first time buyer ......ihave not financed a car since colleage i will be 43 years old  ..i have a some new  accounts but the problem is i can only prove 30k year income ...due to the fact i get ssdi ...and work under the table ...my ssdi cheak is 2300 a month    ....just wondering if companies take in consideration your age and stability thanks  

[Skye12329]

I don't think companies really care about age. What they are going to look for is: do you pay your bills on time? Can you afford the payments...etc.

30k I think should be fine. Just make sure you can afford it and not get over your head. Maybe bring a bank statement if you get additional funds just in case.

[Dj4Money]

 Lenders will take into account unearned income if you include it. I included the income from donating Plasma when I got my Hyundai though they never asked for proof, I could have provided it easily.

 If you have a way to prove what you earn under the table that information isn't shared with Government agencies anyway go ahead and provide it.

 Some lenders may have a problem with SSD-I income but most don't, including the majority of the captive lenders (IE GM Credit).

 Figure out what car you want, get all the invoice information. Go to a Credit Union and get pre-approval, then go to the dealer, low ball them and make them beat the CU's rates.

 Oh and share your success and post a picture of your new car! 

[StartingOver10]

The age of the vehicle counts....not the buyer  

[Anonymous]

When I bought my first car, I had a job but got paid in cash. They let me prove my income with a few months of bank statements showing regular cash flow. This was at a credit union.

[2b2rich]

I had a similar problem earlier this year when I purchased one.  My last auto loan was no longer showing payment history and was scrolling off only a couple months down the road and I had trouble getting a loan because of that.  My credit is good, all scores were in the high 600/ low 700 and not one ding of any kind and my CU wouldn't touch me without a cosign because I didn't have any recent auto loan history for them to review.

I ended up with Cap1 Auto, and 3 months later got refinanced at 2.75 with a NEW CU who looked past the lack of auto history.

(and I'm older than you and also on disability)

[Pway]

The finance guyI was dealing with at the time I got approved said as long as your score is over 650 the lenders typically does not require info for income.

[Anonymous]

i was thinking about cap one navigator ..i just cheaked all scores are over 650    ..u think they still might ask for proof ..if i am first time buyer ...

[Pway]

They might and then they may not. 

[Anonymous]

am really curious about the intrest rate