My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. Wha

Minimum income requirements are between $1,300.00 to $2,000.00 for all major lenders.

You simply do not make enough money regardless of your credit.

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

you don't make enough to get a loan but you could improve your credit by getting a secured cerdit card and make sure to keep up the paymnets then in about six months of payments ask for an incress in cerdit limte. good luck if you need a car you can also get some one to co-sign for your loan

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

first thing you need to do is to work on fixing your credit. pay off old debts, or do a debt consolidation. there are programs out there to help people fix credit problems. then get your monthly earnings up, because loans are based not only on credit, but a thing called debt to imcome ratio. this means how much you make, and how much you currently spend. the more overhead you have, the better your odds. also try with a smaller amount with a co-signer who has a good history and good credibility. this may help. good luck.

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

There are many auto dealers who will approve you even with bad credit, albeit at a much higher interest rate. Your only other option is to wait and build your credit and your income.

Be *very* cautious about using credit repair organizations. They may help you out, but it will show on your credit report that you used them. That's often viewed by creditors as a black mark against you. It kind of proves that you couldn't manage your own credit and had to get help.

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

It has nothing to do with your credit at this point, it's the fact that your debt to credit ratio is below negative.

Your income is only $600 a month? What kind of 'bad credit' do you have? These are the things lenders look for answers to. Get your income up and the rest should be easier.

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

First off, you need more than $600 dollars a month. That is probably why you were denied. How do you plan on affording a new car with a monthly income of $600? A new car plus insurance would probably be about $600 a month. Go to an auction and buy a $500 hoopdie. Or, once you get yourself together and make more money you could...

Go directly to a car dealer. When you apply there, they apply to tons of lenders at once to ensure you are approved-even with bad credit. Don't expect a lexus or anything.

Start repaying your debts and get a measley $200 credit limit credit card, and pay it on time every month.

Don't forget, money helps. Bring money for a down-payment-at least 10% of the cars value. This can be used for taxes or insurance.

Also, you may have to go for a Brand New car, not a used one. Lenders do not like to finance used cars-it's a bigger risk, and your chances of getting one are slim if your credit is bad.

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

I agree with the other poster....try to increase your income. Without much information about you, I dont know why it is that you only make $200 per week but by the time you purchase the car and put gas in and insurance on it, you might have to live out of it. This is not ideal.....so dont take the denial personal. Your credit is probably not as bad as you think. this denial was and is probably due to you not having enough income and /or stable work history. See about a co signer and maybe increasing your income. Maybe you can do some odd jobs for friends or start your own business mowing lawns or clearing snow (low start up costs for both of these businesses).

Other idea is to look thru your news paper's classified ads. YOu might be able to work out a deal that circumvents the banks by buying directly from a private citizen. If you look hard, you should be able to find a car for $4k or so and it is quite possible that the 'bank of mom and dad' could assist you with this. If your parents agree to this, be prepared to put the loan terms in writing for them. You can also help seal the deal by letting them know that if they help you, you can use your transportation to increase your income by getting a better job in the near future. This might be just want they want to hear.

Hang in there.

My bank would not approve me for an auto loan. My credit is bad and I only make $600.00 a month. What can I do

Get a better job...work harder.