7 Comments June 26th, 2009

How do you get an auto loan if your gross monthly income is $1000 or less?

Brooke C asked:


I live in charlotte NC and i have no down payment or cosigner.

This entry was posted on Friday, June 26th, 2009 at 11:04 am and is filed under Car Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

7 Responses to “How do you get an auto loan if your gross monthly income is $1000 or less?”

  1. tacos Says:
    June 29th, 2009 at 8:33 am

    you may need a cosigner. depends on your situation.but auto loans are one of the easiest loans to get

  2. realdream1 Says:
    July 1st, 2009 at 6:33 pm

    Know your FICO score that will be the determinihg factor.

  3. grayhambone Says:
    July 3rd, 2009 at 6:50 am

    get a used car that doesn’t cost more than 3000 or so.
    and save your money, this is a good reason why.

  4. mel Says:
    July 5th, 2009 at 4:01 am

    wow, no wonder people get fleeced. you don’t “get” a loan, and it’s not a matter of “easier”. you have to pay it.

    simply put, a car loan is someone you don’t know (and they don’t know you) willing to put up money so you can own a car. as collateral, they hold the title to the car. as incentive, they charge you an interest rate. and with all that, they make sure you CAN pay it. It doesn’t mean you will.
    Cars do not appreciate in value, so many loans get “upside down” quickly. that means you own more than the car is worth on the open market. that happens when you pay a high interest rate and you pay too much in the first place.If that’s what you make, consider a motor scooter until you can save enough for a hefty down payment on a good used car. new scooters can be had for 2 grand or less.

  5. sam z Says:
    July 6th, 2009 at 6:19 am

    It is hard to get a loan with such income.
    But the most important thing is your credit score.

  6. SPIFIMAN1 Says:
    July 7th, 2009 at 10:40 am

    Auto finance is what I do for a living and the short answer is you don’t unless it’s from a buy here pay her lot.

    The reasons are lenders take you monthly income divide it by half and then deduct $300.00 for rent and $100.00 for insurance the amount left is the car payment you budget for in your case this would be $100.00, add to this the fact that your income is well below the minimum required for any major lender and that is why.

    And no matter what anyone says no matter what your FICO score is it will not overcome lack of income.

  7. Jenna B Says:
    July 8th, 2009 at 10:58 pm

    Go to a lot that does “buy here/pay here”

    Also, a good place to check is…

    Hope that helps.