Monday, October 26, 2009

Will a bank finance me for an auto loan?

This question is sort of different than the usual finance questions. So i'm a college student living at home with no bills. My school is being paid for, but i only make about $1000 a month from my job. I need a new vehicle and heard for a bank to even consider financing i would need to make at least $1500 a month. I checked my credit score and its in the mid 700's. I also financed a car 7yrs ago (w/co-signer) wich is now paid and needs replacing. I have about $15000 in credit available on my report (credit cards) with all zero balance. So the question is, does anyone think i could get financed with limited monthly income but good credit? I also have other sources of income (spending cash from parents) but don't think i can list it as guarenteed income. All together i probably have about $1800 a month that i can blow but can't list $800 of it, so there's no doubt if i can make the payments. This question is for no car in perticular but if financing is feasible. (parents only if needed)



Will a bank finance me for an auto loan?

1. Do not use the credit cards for a down payment.



2. If your parents own their home, could they take out a 2nd



mortgage for 15 years? You can always pay more than



monthly payment to reduct the years.



3. Could it possible to repair the old car even if it cost a



couple thousands dollars?



Will a bank finance me for an auto loan?

Ask your bank. They will have you fill out an application and will compare your income with your outgo and let you know the size of loan they are willing to make to you. There is no magic %26quot;income%26quot; amount needed. Just b/c someone else needs $1500 a month to qualify, does not mean you do.



Will a bank finance me for an auto loan?

There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.



http://best-loans.awardspace.com/autoloa...



However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.



Will a bank finance me for an auto loan?

For Auto loans you can check this website www.bettercreditcontrol.com

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