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Low Income Auto Financing

XsdnumdexXsdnumdex Member Posts: 1
edited January 2023 in Chevrolet

Dear Friends,

 Is there a way to get an auto loan with an income of $1200 a month without a co-signer?

I spend less than half of my income on my bills and that includes a 10% monthly donation. I guess being a boring, grungy, raggedy Ole man helps with the spending.

I plan on putting down almost half but maintaining a few grand for emergencies.

I have an 783 FICO and a strong money management culture.

I thank you in advance for your courteous reply

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    MichaellMichaell Moderator Posts: 245,340
    Xsdnumdex said:

    Dear Friends,

     Is there a way to get an auto loan with an income of $1200 a month without a co-signer?

    I spend less than half of my income on my bills and that includes a 10% monthly donation. I guess being a boring, grungy, raggedy Ole man helps with the spending.

    I plan on putting down almost half but maintaining a few grand for emergencies.

    I have an 783 FICO and a strong money management culture.

    I thank you in advance for your courteous reply

    How much are you looking to finance?

    I suspect what will trip you up is the "debt to income" ratio, which all banks use to determine credit worthiness. If your new car payment will be, say, $600/mo, that would be 50%, and probably too high.

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