|
|
| *Loan,banking and credit>>>auto loan |
How much monthly income do I need to make to quality for an auto loan? |
If I make about $550 a month, will I have trouble qualifying for a $12,000 car loan? That's more than enough money to make the monthly payments, but do banks/dealers consider your monthly income in offering you loan? (ie. Will they deny people for not making a certain amount?) Of course they consider your income when qualifying you for a loan! A $12,000 loan at 10% for 5 years will cost about $255.00 a month. It's not very likely that you'd qualify if you're only making $550.00 a month. Most lenders want to see debt service of no more than 35% of gross income. That's rent or mortgate plus all credit obligations. In your case, that's $192.50 a month. Even if you live at home and pay no rent, you'll be hard-pressed to qualify. It depends on where you live and age, and down payment. If you are living at home, and have a great down payment, maybe they will sell to you. Your income is going to be a consideration when you are going to apply for any loan. When you apply for a loan, your income will be weighed along with your cedit rating, payments due on existing debts, and other financial obligations such as the cost of your housing, utilities and insurance. As another poster stated, the amount your down-payment can sometimes be used to offset other negatives on your application. Best of luck to you. well it depends on the finance company and your credit score also is a big issue.I make just over $1200 a month and was approved for a $6000 loan.There are some cases where you will be denied for not having enough income. personal experiance Check out this site..... http://autos.yahoo.com/finance/index.htm... most of the banks and finance companies require your total money going out at no more than 50% of your gross income, |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan unsecured loan student loan personal loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |