Help! I need a loan

[Anonymous]

I am in need of a car which is gonna be used but I don't know if anyone would actually finance me for the car I want which is a 07-08 nissan Altima that is roughly 13000.
My credit score from fico are TU 725 and EQ is 705.. The problem is I work part time at jcp and I make minimum 900 a month and maximum 1500 during the holiday season, I do go to school and I have absolutely no one capable in cosigning for me. I have 1500 to put down, is it possible for me to be approved with such a low income and good credit score? Thanks for the help!

[StartingOver10]

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@Anonymous wrote:
I am in need of a car which is gonna be used but I don't know if anyone would actually finance me for the car I want which is a 07-08 nissan Altima that is roughly 13000.
My credit score from fico are TU 725 and EQ is 705.. The problem is I work part time at jcp and I make minimum 900 a month and maximum 1500 during the holiday season, I do go to school and I have absolutely no one capable in cosigning for me. I have 1500 to put down, is it possible for me to be approved with such a low income and good credit score? Thanks for the help!

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There are times to borrow money and times to stay away from loans. Stay away from a car loan right now.  Right now, you are in too precarious a position to borrow money to pay for a car. However, you are in a position to buy a car outright for $1500. An income of $900/month is not enough to support a payment at all for the moment. Also while you are in school, having the added burden of a car payment is just one more stresser that will make school more difficult.

When you graduate and get a job you will have better income; then you will be in a position to get a vehicle loan. If you are thinking you want to borrow money because of your score, you will be fine as long as you don't get into debt before you actually get that new job.

What you might want to do is take $200/month or whatever the car payment would have been and put it into savings as if the lender had said yes to your request (remember the first car loan has a super high interest rate until you prove yourself). That way when you finish school and get that better paying job, you have a substantial savings to put down on the car you want to buy. Enjoy life now when you don't have the responsibilities you will have after graduation. Don't clutter it up with a loan! Good luck.

[Anonymous]

I'd have to agree.

You'd be looking at working at JCPenney just to pay off the car, pretty much.

And that hardly makes any sense. I had a friend who did something similar. He needed a car to get to work, so he bought a new one and between the car/insurance/gas, it amounted to about 75% of his income. He realized soon after he made a mistake.

If you happen to live with your parents (unsure), then try to save up a little more and then get a beater to ride around in the meantime.

[LS2982]

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@Anonymous wrote:
I am in need of a car which is gonna be used but I don't know if anyone would actually finance me for the car I want which is a 07-08 nissan Altima that is roughly 13000.
My credit score from fico are TU 725 and EQ is 705.. The problem is I work part time at jcp and I make minimum 900 a month and maximum 1500 during the holiday season, I do go to school and I have absolutely no one capable in cosigning for me. I have 1500 to put down, is it possible for me to be approved with such a low income and good credit score? Thanks for the help!

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Welcome to the forums!!

Its possible.............the only thing that might trigger a cosigner is DTI (debt to income) and also make sure your overall util. on your revolving accounts are 5% or lower. That will create the best chance of approval on your own.

I recently financed my new 2011 Chevrolet Silverado on my own with a 649 EQ FICO. DTI was good and util. was good.

[LS2982]

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@StartingOver10 wrote:

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@Anonymous wrote:
I am in need of a car which is gonna be used but I don't know if anyone would actually finance me for the car I want which is a 07-08 nissan Altima that is roughly 13000.
My credit score from fico are TU 725 and EQ is 705.. The problem is I work part time at jcp and I make minimum 900 a month and maximum 1500 during the holiday season, I do go to school and I have absolutely no one capable in cosigning for me. I have 1500 to put down, is it possible for me to be approved with such a low income and good credit score? Thanks for the help!

---

There are times to borrow money and times to stay away from loans. Stay away from a car loan right now.  Right now, you are in too precarious a position to borrow money to pay for a car. However, you are in a position to buy a car outright for $1500. An income of $900/month is not enough to support a payment at all for the moment. Also while you are in school, having the added burden of a car payment is just one more stresser that will make school more difficult.

When you graduate and get a job you will have better income; then you will be in a position to get a vehicle loan. If you are thinking you want to borrow money because of your score, you will be fine as long as you don't get into debt before you actually get that new job.

What you might want to do is take $200/month or whatever the car payment would have been and put it into savings as if the lender had said yes to your request (remember the first car loan has a super high interest rate until you prove yourself). That way when you finish school and get that better paying job, you have a substantial savings to put down on the car you want to buy. Enjoy life now when you don't have the responsibilities you will have after graduation. Don't clutter it up with a loan! Good luck.

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+1

This is also true OP. If you have your heart set on this vehicle, Are you able to pick up a 2nd job for more income?

[Anonymous]

I would also suggest waiting.   You can get a decent car for around $2k to last until you finish school.  I know it sucks.  I am driving an '02 Cavalier with 130k miles on it right now and hope it lasts until Spring '14 when I graduate from college.  You should be focused on school and everything that goes with that and not worrying about a car now.  When you graduate and get a job, your income will much more easily support a car payment.  Just put aside the money you would have spent on a car payment so you can start saving for a future down payment and have an emergency repair fund.

[webhopper]

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@Anonymous wrote:

I would also suggest waiting.   You can get a decent car for around $2k to last until you finish school.  I know it sucks.  I am driving an '02 Cavalier with 130k miles on it right now and hope it lasts until Spring '14 when I graduate from college.  You should be focused on school and everything that goes with that and not worrying about a car now.  When you graduate and get a job, your income will much more easily support a car payment.  Just put aside the money you would have spent on a car payment so you can start saving for a future down payment and have an emergency repair fund.

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+1

[LS2982]

@Jimbo +1 great post!

[Anonymous]

Thanks, although I finish school in 2015, I believe a Honda civic could last me
. Thank you all for your input! And I won't be getting a hard inquiry too!

[Anonymous]

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@Anonymous wrote:
Thanks, although I finish school in 2015, I believe a Honda civic could last me
. Thank you all for your input! And I won't be getting a hard inquiry too!

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Can't go wrong with any Honda in my opinion.  My sister recently just got an '02 Accord with about 130k miles for $2500.  I am jealous.  If cared for properly, Hondas should easily go over 200k.  If you are shopping for a used car, make sure you take it to a trusted mechanic before buying so they can make sure there are no current issues that aren't obvious.  Good luck!