March 25th, 2009

How much money would I qualify for in a car loan?

snene06 asked:


I have a credit score of under 500. I need a car loan for $13000. I make a little over $2000 a month and I live at home so I dont pay any bills.

This entry was posted on Wednesday, March 25th, 2009 at 1:02 pm 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.

2 Responses to “How much money would I qualify for in a car loan?”

  1. Stupid Flanders Says:
    March 26th, 2009 at 1:35 am

    If you have rent to pay and other debt, you will not be able to afford that making $24K per year.
    Even if you had good credit, you should not spend more than half of your yearly income on a car. In your case, that would be $12K total, since you make $24K per year.

    Your interest rate will be 25% if you are lucky enough to find a loan.
    You will probably be required to have a co-signer with a credit score under 500. I don’t think you could qualify for any amount. No offense, but you can’t get much worse than a 500 credit score.

    A ‘buy here, pay here’ place might sell to you, but they really will rip you off, you will get a subpar car, and it doesn’t help your credit.

  2. Bob Says:
    March 26th, 2009 at 1:20 pm

    I have a bankruptcy; my income is less than $2,000 month and I pay 15.45% on my car loan via. My car with warranty, tax and title cost $16.8K and I financed $13.8K.

    Carmax will work with you to get you into an appropriate car.