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Am I eligible for a car loan?
Okay, so I'm 18 and in community college. I work idk, maybe 25-30 hours a week or more so I'm not technically full time. I make $9.00 hourly without taxes taken out because it's not an official job nor am I on payroll. I just come in, help work, and leave. So I'm looking to get something along the lines of a Chevy Camaro. I know that they are pretty expensive, but it's something I've been interested in for a good while and I very much like the car. I live with my Mom and my only expenses are pretty much gas, food and anything else I may be interested in purchasing. So my point is, I want to get a loan for a car but I'm not quite sure if I am eligible. The car I'm interested in is roughly $24,000. The current loan I'm looking at is 60 months but maybe that's too long. Any ideas on how long is safe? I know, it's A LOT, but I plan on financing it. I can make about $1000 a month. Anyway, my credit is pretty much perfect as I've always paid my credit card back on time and not once been late on a payment, but I've only had the card for about 6 months so my credit report is probably a bit short. Does this seem crazy? or is it manageable? I also do not know how much interest I'll be charged or if I really need a full time job for them to loan it to me. I can prove that I make money and that I can pay it back. I've heard as long as they see that you can pay for it and your credit approves then they'll loan it to you. From what I'm seeing, if I can get a loan, it'd be about $500 to pay for it monthly including insurance.
Btw, my job is pretty reliable. I can't really be fired and there's loads of work to do. So I'll have it for a good while longer. Not to mention I am applying at other places currently too. Any help would be greatly appreciated. I really want to make this work. Please also leave suggestions if you can, thanks a lot.
3 Answers
- ElGrandeLv 79 years agoFavorite Answer
Sorry man, no chance.
Usually, a lender requires that you have anywhere from $1500-1800 a month in verifiable income to even consider you.
However, that's still not your stopping point.
You're asking them to loan you more than DOUBLE what you make in a year's wages. No bank is going to do that. Your credit score (and keep in mind, I've been in and around the business a LONG time) might be decent, but you lack vehicle credit... and you'll probably need a co-signer to even be considered on this large of a loan.
$500 a month with both the car payment AND insurance? Where are you getting that figure? The car alone (and you're leaving out taxes/fees/etc) will be that much alone with interest charges. And insurance for an 18-year old on a Camaro? It will be sky-high. You're going to find that your monthly bill on the car will be more like $800-900 a month... as you have to carry BY LAW a policy with full coverage if you're financing a vehicle.
You WANT a Camaro, that's understood... but you also need to eat, live, and have some spending money. Even if you were able to finance the vehicle, you would be left with nothing at the end of each month. No car is worth that.
- Anonymous9 years ago
no.