getting car loan with lower income (Disabled)

[mitchblue]

Curious if I'll have problems getting an auto loan, primary disability income? It comes out to about 20k a year. My CS are in my Sig, average age of accounts 5 years, with no previous auto loan. Debt is about 1%..I did just apply and approved for Chase Freedom (haven't received yet). Nothing bad on CR. Thanks.

Edit: As a backup I have my mom who could co-sign but I prefer her to not to.

[Anonymous]

what kind of car your looking for ?

[mitchblue]

SUV most likely, GM possibly. PURCHASE, 2013-2014 or lease, 2014. 

[CreditDunce]

I think income is income.   I don't think they will care what kind of income it is.  You have great scores and will be qualified based on your scores for just about any lona you wish.

Where you will have trouble is on the total income per year.   With income of 20k per year, I wouldn't expect them to be willing to loan you much money.  If you have a relationship with a credit union, I would ask them how much they would be willing to loan to you.   I am sure they would be willing to loan money to you.  It is just a question of how much they are willing to loan you.

[Anonymous]

I have relied on disibility income for years. I have gotten credit cards car loans and even a mortgage.

Can't say if you would get a loan but the income source doesn't matter as long as you can show the amount and source.

Good luck with it.

[mitchblue]

Thank you guys. This helps..I'll find out in a couple months 

[Remember0]

Disability counts, but for auto loans, the "magic" thershold is 2k/month gross. Is that 20k BEFORE any taxes are taken out? Any "side" income/something you're forgetting?

I mean 20k will be okay for a loan generally <15k. But you may have to finance with a lender you don't want to because many lenders have an arbitrary 2k/month minimum. If you can state 2k/month in income though, you'll be able to get the <15k from almost every bank/CU and get probably a much lower rate.

[mitchblue]

After taxes..so 2k/m would be pretty close. I do have a somewhat healthy checking account so I could put more time. What about lease, similar numbers? Thanks for your time..

---

@Remember0 wrote:

Disability counts, but for auto loans, the "magic" thershold is 2k/month gross. Is that 20k BEFORE any taxes are taken out? Any "side" income/something you're forgetting?

I mean 20k will be okay for a loan generally <15k. But you may have to finance with a lender you don't want to because many lenders have an arbitrary 2k/month minimum. If you can state 2k/month in income though, you'll be able to get the <15k from almost every bank/CU and get probably a much lower rate.

[Remember0]

Lease is similar numbers, except you NEED to put 2k/month for a lease because only the captive lender will do a lease. I think you'll be okay so long as you can put 2k/month.